UPDATE: Bank of America Raises PO to $75 on Coca Cola

Bank of America reiterates its Buy rating on Coca Cola KO and raises its price target to $75 as it raises estimates on 2012 EPS from $3.94 to $3.98. Bank of America notes, "Management provided clarity on several key earnings variables in 2012, the net result of which drives our earnings forecast higher by $0.04: 1) FX translation is expected to cause a ~5% hit to operating profit growth; 2) New cost savings of $550-$650m (we estimate ~$60m in FY12); 3) Net interest income is expected again in 2012; 4) Commodity inflation of $350m-$450m is ~half of FY11 levels." KO closed at $68.55 a share on Tuesday.