Coca-Cola Amatil shares are being hammered

John Moore/Getty Images

Shares in Coca-Cola Amatil fell hard on reaction to the company’s first investor briefing in two years.

A short time ago, the shares were down 6.8% to $9.41.

At the briefing, the beverage group said it had identified another $100 million in costs to be cut from expenses on top of the original $100 million being stripped out.

The company reaffirmed its mid-single figure earnings growth forecast.

Deutsche Bank cut its rating to Hold from Buy.

“Shareholder value proposition unchanged but CCL has reached our target price,” analysts Michael Simotas and Daniel Wan wrote in a note to clients.

The company in August released its half year results showing a 7.8% increase in profit to $198.2 million.

But earnings from Australia, representing about two-thirds of the business, fell almost 2% to $218 million. Coca-Cola Amatil also operates in New Zealand, Fiji, Indonesia, Papua New Guinea and Samoa.

The reason is evolving tastes. In Australia, there‚Äôs less demand for fizz — carbonated drinks — and more for still, including water, energy shots and dairy.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.