UPDATE: Barclays Maintains Rating of Coca-Cola, Drastically Lowers PT

According to Barclays, it has maintained its Overweight rating of Coca-Cola KO while lowering its price target from $81.00 to $41.00. Barclays went on to say "We are updating our KO earnings estimates to reflect the company's recent 2-for-1 stock split. Our fundamental view of the stock remains unchanged. Accordingly, our EPS forecasts have been revised to $2.00 in FY12 (previously $4.00) and $2.18 in FY13 (from $4.35). As for quarterly results, we are now modeling earnings of $0.52 in 3Q12 and $0.43 in 4Q12 (prior $1.04 and $0.85, respectively). Given the change in KO's share count, our price target is being updated to $41 based on an 18.8x P/E multiple on our new FY13 EPS of $2.18. The previous target of $81 was based on an 18.6x P/E multiple on a $4.35 FY13 earnings estimate. Concurrently, our trading range has been adjusted to $35-$41 (from $70-$81)." Coca-Cola traded around $39 Friday