Susquehanna Keeps a Sell Rating on Coca-Cola European Partners (CCE)

By Jason Carr

In a report released today, Pablo Zuanic from Susquehanna reiterated a Sell rating on Coca-Cola European Partners (NYSE: CCE), with a price target of $35. The company’s shares closed on Friday at $42.76.

Zuanic commented:

“While we are keeping the Negative stance on CCE shares, we admit our conviction is greater about the downside on STZ and MNST shares (both rated Negative). Despite headwinds like sugar taxes (GB, France, Norway), bad weather in 2Q (Spain/France), and being temporarily out of a key discounter in France (also in 2Q), the company is sticking to guidance. In part, that conviction comes from the impact of sugar taxes being in line with expectations so far, successful downsizing and improving mix (and reformulation of flavors to low sugar levels below the tax thresholds), growth potential in several parts of the NARTD portfolio, realization of cost synergies, and reinvestment in capabilities (as well as increased marketing support for the non-taxable parts of the portfolio, 60% at last count in the case of GB).”

According to, Zuanic is a 4-star analyst with an average return of 7.3% and a 56.0% success rate. Zuanic covers the Consumer Goods sector, focusing on stocks such as Constellation Brands Inc, Anheuser-Busch Inbev Sa, and Craft Brewers Alliance.

The word on The Street in general, suggests a Moderate Sell analyst consensus rating for Coca-Cola European Partners with a $40.50 average price target.

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Coca-Cola European Partners’ market cap is currently $20.79B and has a P/E ratio of 26.38. The company has a Price to Book ratio of 2.61.

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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.