TD Cowen upgrades Coca-Cola to Buy, sees opportunity in pullback

As previously reported, TD Cowen upgraded Coca-Cola (KO) to Buy from Hold with an unchanged price target of $75. Coke continues to execute “at the top of its game” through successful refranchising internationally and outstanding execution domestically, argues the firm, which views the stock’s recent pullback as an “overreaction to transitory volume deceleration” and “nebulous concerns” about the impact of new U.S. trade policies on forex and Coke’s emerging markets. This creates an attractive buying opportunity in a stock with “plenty of room to capitalize” on per capita beverage consumption growth in international markets over the long-term, the analyst tells investors.