Coca-Cola Europacific Partners downgraded to Neutral from Outperform at Exane

Exane BNP Paribas downgraded Coca-Cola Europacific Partners to Neutral from Outperform with an $81 price target. The firm made several rating changes in the European beverages space, saying the current depressed valuations are “not without reason” but that the macro conditions may offer some relief. The outlook for global alcohol demand may be challenged, but likely short-term interest rate cut leave the sector’s relative valuation positively skewed, the analyst tells investors in a research note. Exane favors beer over spirits.