Coca-Cola Gets Price Target Hikes By Analysts Following Better-Than-Expected Q1 Results

The Coca-Cola Company KO reported better-than-expected Q1 results.

Coca-Cola reported first-quarter FY23 sales growth of 5% year-on-year to $10.98 billion, beating the consensus of $10.80 billion. Adjusted EPS of $0.68 beat the analyst consensus of $0.64.

Coca-Cola continues to see FY23 organic revenue growth of 7%-8%, comparable currency neutral EPS growth of 7%-9% and comparable EPS growth of 4%-5% versus $2.48 in 2022.

Coca-Cola shares fell 0.2% to close at $63.95 on Monday and added 0.2% in today’s pre-market trading session.

These analysts made changes to their price targets on Coca-Cola following earnings announcement.

• Citigroup raised the price target on Coca-Cola from $71 to $74. Citigroup analyst Filippo Falorni maintained a Buy rating.
• Evercore ISI Group boosted the price target on Coca-Cola from $68 to $70. Evercore ISI Group analyst Robert Ottenstein maintained an Outperform rating
• RBC Capital analyst Nik Modi, meanwhile, reiterated Coca-Cola with an Outperform and maintained a $69 price target.

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