Barclays Maintains Overweight Rating for Coca-Cola Europacific: Here's What You Need To Know
Barclays has decided to maintain its Overweight rating of Coca-Cola Europacific (NASDAQ:CCEP) and raise its price target from $74.00 to $75.00.
Shares of Coca-Cola Europacific are trading down 0.38% over the last 24 hours, at $71.42 per share.
A move to $75.00 would account for a 5.01% increase from the current share price.
About Coca-Cola Europacific
CCEP is the second-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa, and primarily operates in developed Europe (78% of 2022 revenue and 73% of EBIT) and Australasia (22% and 27%, respectively). In 2023 it announced the planned acquisition of Coca-Cola Beverages Philippines from TCCC.In 2022, CCEP sold 3.3 billion unit cases of beverages, which we estimate equates to roughly 9% of the global Coke system volume. Coke's largest bottler, Coca-Cola Femsasold 3.75 billion unit cases (11%), and the third-largest, Coca-Cola HBC, serving Eastern Europe and North Africa, sold 2.7 billion unit cases (8%).TCCC owns 19% of the equity of CCEP, Olive Partners, a holding company of bottling operations, owns a further 36%, and the remaining 45% is free float.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.