UPDATE: Stifel Nicolaus Downgrades Coca-Cola Enterprises to Hold on Valuation
In a report published Thursday, Stifel Nicolaus analyst Mark Swartzberg downgraded the rating on Coca-Cola Enterprises (NYSE: CCE) from Buy to Hold, and removed the $40.00 price target.
In the report, Swartzberg noted, “Our CCE downgrade is motivated by valuation as the shares have outperformed (up 38.0% since May 15, 2012, versus a 24.7% increase for the S&P 500 over the same period), and closed yesterday within $1 of our previous $40 per share 12-month target. We continue viewing 12-month fair value as $40 per share and could make a case for further outperformance on improving Europe sentiment and even the possibility of Coke ultimately buying CCE. However, we find it difficult to see an upgrade to CCE's fundamental outlook, believe capital allocation is no longer a major catalyst, and that the last year of multiple expansion limits the shares' risk/reward.”
Coca-Cola Enterprises closed on Wednesday at $39.14.
Latest Ratings for CCE
|Jul 2014||JP Morgan||Maintains||Neutral|
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