Jefferies Reaffirms Their Hold Rating on Coca-Cola European Partners (CCE)

By Jason Carr

In a report released today, Kevin Grundy from Jefferies maintained a Hold rating on Coca-Cola European Partners (NYSE: CCE), with a price target of $46. The company’s shares closed yesterday at $44.29.

Grundy said:

“€0.76 was in-line with Street est. as revs beat (+3% vs. Street), partially offset by lower GM %, resulting in <1% OI upside. While well telegraphed, favorable weather/strong execution/soft YoY comp drove 11.5% org sales growth. No surprises w/FY18 guide, incl. revs and EPS (+2-2.5%, ~ €2.27-€2.29 vs. Street €2.29), which was recently reaffirmed at Investor Day (9/12). Good qtr/outlook, but in-line w/expectations – expect muted stock reaction."

According to TipRanks.com, Grundy is a 4-star analyst with an average return of 6.8% and a 61.8% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Skyline Champion Corporation, Constellation Brands Inc, and Edgewell Personal Care.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Coca-Cola European Partners with a $49.50 average price target, implying an 11.8% upside from current levels. In a report released today, Susquehanna also reiterated a Hold rating on the stock with a $50 price target.

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The company has a one-year high of $46.16 and a one-year low of $36.17. Currently, Coca-Cola European Partners has an average volume of 1.48M.

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Coca-Cola European Partners Plc engages in the distribution and sale of ready-to-drink beverages. IT operates through the following brands: Coca-Cola, Diet Coke or Coca-Cola Light, Coke Zero, Coca-Cola Life, Fanta, and Sprite. It also offers energy drinks, waters, juices, sports drinks, and ready-to-drink teas.