Jul. 29 at 5:54 PM
Coca-Cola is winning fresh praise on Wall Street after the company posted second-quarter earnings on Tuesday that topped expectations as strong demand lifted global volume growth.
The stronger-than-expected results have prompted analysts at Morgan Stanley and Bank of America to raise their price targets to
$100. While Bank of America maintained its buy rating, Morgan Stanley reiterated its overweight rating, naming Coke as a top pick.
“Longer term, we continue to see a clear pathway to sustainable mid-single-digit organic sales growth, while the refranchising of Coca-Cola Beverages Africa should help unlock structural operating margin expansion ,” Peter T. Galbo, an analyst at Bank of America Global Securities, wrote in a note.
$KO