Coca-Cola Europacific Partners initiated with a Market Perform at Bernstein

Bernstein analyst Nadine Sarwat initiated coverage of Coca-Cola Europacific Partners (CCEP) with a Market Perform rating and $82 price target The bottlers like to point to per capita consumption as an indication of growth potential, but looking at this in isolation is overrated, the analyst tells investors in a research note. The firm says companies must appeal to local consumer preferences though occasion building, brand propositions and packaging to drive long-term growth. Reduced sugar has a strong correlation with GDP per capita and is an important growth driver, adds Bernstein.