Photo: By S1m0nB3rry on Flickr
Coca-Cola Enterprises generates all of its revenue in Europe. Yesterday, the Coke bottler held its analysts’ day in Paris, and Wall Street walked away way bullish.At the meeting, Coca-Cola Enterprises reaffirmed its full year revenue, margin, and earnings guidance.
Credit Suisse’s Carlos Laboy “came away impressed by the way management is exercising discipline both in terms of execution and investments.” He reiterated his outperform rating and $32 price target, while raising his full year earnings estimate to $2.49 per share from $2.41 per share.
Goldman Sachs “came away with bolstered confidence in CCE’s LT prospects.” It expects the company to earn $2.17 per share in 2011 and $2.49 per share in 2012. This is down slightly from prior estimates of $2.17 per share and $2.53 per share, respectively. The analyst also lowered its price target to $33 from $35. However, Goldman rates the stock as “attractive” and has it on its “Americas Buy List.”
UBS upgraded the stock to Buy from Neutral, while reiterating its $30 price target on the stock. The analyst notes, “CCE shares have underperformed their peer group over the last three months, despite delivering better organic growth and guidance.”
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