Goldman Sachs analyst Thiago Bortoluci upgraded Coca-Cola Femsa to Buy from Neutral with a price target of $113.70, up from $108.30. Soft drinks consumption in Mexico has historically shown limited correlation to the macro environment, and has barely not fluctuated with pricing, the analyst tells investors in a research note. The firm says solid industry fundamentals such as high per capita consumption, Coke’s “undisputed preference” and a growing middle-class in the region offer good visibility on Coca-Cola Femsa’s underlying growth algorithm.
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