Goldman Sachs Upgrades Coca-Cola Enterprises to "Conviction Buy" (CCE)

Goldman Sachs Upgrades Coca-Cola Enterprises to “Conviction Buy” (CCE)


Early on Tuesday, Goldman Sachs analysts upgraded Coca-Cola Enterprises Inc (CCE), noting that they like the world’s largest beverage bottler and distributor’s risk/reward potential.

The analysts upgraded CCE from “Neutral” to “Conviction Buy” and now see shares reaching $47, up from the previous target of $43. This price target suggests nearly a 26% upside to the stock’s Friday closing price of $37.40.

Goldman Sachs analyst Judy Hong noted that CCE offers one of the best risk/reward profiles of any Consumer Staples stock, due to its relatively low valuation. Furthermore, the company’s accelerating fundamentals, share buybacks, and dividend payouts provide positive catalysts going forward as well.

Goldman also boosted CCE’s fiscal 2014 EPS estimates from $2.87 to $2.91 and fiscal 2015 EPS estimates from $3.46 to $3.47.

Coca-Cola Enterprises shares were up $1.11, or 2.97%, during early morning trading on Tuesday. The stock is up 21.15% year-to-date.

The Bottom Line
Shares of Coca-Cola Enterprises (CCE) offer a dividend yield of 2.14% based on Friday’s closing price of $37.40 and the company’s annualized dividend payout of 80 cents per share.

Coca-Cola Enterprises Inc (CCE) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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