Morgan Stanley raises Coca-Cola price target to $100 after strong quarter despite cyberattack

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Morgan Stanley raised its price target on Coca-Cola to $100 from $89 and kept the stock as its top pick in the beverage sector after the company posted adjusted earnings of 97 cents a share, beating the 93-cent consensus, and revenue rose 7% to $13.4 billion. Organic sales growth came in at 7%, well above the 5% consensus, with unit case volume growing 5%, more than double the 2.2% analysts had modeled. The bank highlighted that Coca-Cola has outpaced PepsiCo and Keurig Dr Pepper in U.S. Nielsen scanner sales by roughly 400 basis points and beaten mega-cap staples peers by nearly 300 basis points, while pushing through roughly 3% pricing in the quarter. Even the dairy brand Fairlife, which suffered an eleven-day production shutdown from a ransomware attack, still grew sales 18% year over year, and Morgan Stanley estimates Fairlife alone could add more than 100 basis points a year to corporate sales growth. Asia Pacific was a soft spot with price and mix falling 9%, but unit case growth remained strong at 8%, and the bank expects easier comparisons by the fourth quarter.

Impact on stocks 5

Consumer Staples▲ · 4 stocks
The Coca-Cola Company
KO
▲ PositiveCapitalrelevance

Morgan Stanley raised price target to $100 after strong Q2 earnings beat and raised guidance.

Financials▲ · 1 stocks
Morgan Stanley
MS
▲ PositiveCapitalrelevance

Morgan Stanley's analyst issued a positive note on Coca-Cola, reflecting favorably on the bank's research quality.

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