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Wells Fargo confident on Coca-Cola

Sep. 11, 2019 10:19 AM ETThe Coca-Cola Company (KO) StockKOBy: Clark Schultz, SA News Editor8 Comments
  • Wells Fargo walks away from a meeting with Coca-Cola (KO +0.1%) CFO John Murphy with increased confidence on its Outperform rating and $60 PT on the beverage stock.
  • Analyst Bonnie Herzog and team think Coca-Cola's topline growth is sustainable and see margin expansion amid a disciplined resource allocation environment. The Costa business is still seen as an exciting growth opportunity and provides KO with the ability to play across multiple platforms.
  • "All in, despite a stretched valuation (KO is trading at a FY20 P/E multiple of 23.5x, 9% above its 3-yr historical avg), we see further upside in the stock as KO's momentum continues," advises Herzog.

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