Coca-Cola price target lowered to $59 from $71 at JPMorgan

JPMorgan lowered the firm’s price target on Coca-Cola to $59 from $71 and keeps an Overweight rating on the shares. The analyst cites the sector de-rating for the target drop ahead of the Q3 report on October 24. The firm says the near-term fundamentals for Coca-Cola “are taking a back seat” as staples’ relative underperformance over the past few months reflects a number of factors ranging from rising rates, to volume concerns, to the potential impact to demand from GLP-1 drugs over time, to the negative translation and transaction impacts of a stronger U.S. dollar and the tax overhang. It finds the stock’s current valuation attractive.