UPDATE: Bank of America Upgrades Coca-Cola Enterprises to Buy, Raises PT on Valuation

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In a report published Monday, Bank of America analyst Bryan D. Spillane upgraded the rating on

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Coca-Cola Enterprises

(NYSE: CCE) from Neutral to Buy, and raised the price target from $50.00 to $52.00.In the report, Bank of America noted, “In connection with our 2015 year-ahead report we are upgrading CCE from Neutral to Buy and setting a $52 PO. With low expectations and valuation discount to our food and beverage peer group CCE could see both multiple expansion and a positive inflection in EPS growth as Europe stabilizes and elements of The Coca-Cola Company's (KO) new strategy to kick-in. Our $52 PE targets 16.0x our FY16E P/E and 11.5x EV/EBITDA which is a 30% discount to its beverage peers and more in-line with historic relative valuation norms.”Coca-Cola Enterprises closed on Friday at $43.92.