UPDATE: Stifel Nicolaus Raises PT to $40 on Coca-Cola Enterprises on FX Benefit
Stifel Nicolaus reiterated Coca-Cola Enterprises (NYSE: CCE) with a Buy and raised the price target from $36.00 to $40.00.
Stifel Nicolaus commented, "[W]e lift 2013E EPS to $2.55 (was $2.48, consensus $2.51) and 2014E EPS to $2.91 (was $2.87, consensus $2.84), reflecting more of an FX benefit, assuming current exchange rates. … With the shares at 14.1x 2013E EPS and positive revision risk, assuming constant FX, we lift our target to $40 per share, or 13.7x 2014E EPS of $2.91. We reiterate our Buy because we expect underlying volumes to improve."
Coca-Cola Enterprises closed at $34.92 on Thursday.
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