Bank of America Securities analyst Andrea Pistacchi has reiterated their bullish stance on CCEP stock, giving a Buy rating on October 30.
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Andrea Pistacchi has given his Buy rating due to a combination of factors, including a slightly better than expected performance in the third quarter. Coca-Cola Europacific Partners reported a 3.2% increase in FX-neutral sales, surpassing the consensus expectation of 2.7%. This was driven by stronger than anticipated results in the Australia/Pacific and Southeast Asia regions, as well as a reassuring performance in Europe, particularly in Great Britain and France, Benelux, and Nordics.
Moreover, the management’s confirmation of the full-year revenue and EBIT guidance adds confidence to the company’s outlook. The company is expected to achieve a 3-4% revenue growth and a 7% EBIT increase, with a strong cash conversion and cost-saving measures supporting these targets. Despite some challenges in Indonesia, the overall mix benefits and operational leverage are expected to drive a 9% EPS CAGR, making the stock attractive compared to its peers in the staples sector.
Pistacchi covers the Consumer Defensive sector, focusing on stocks such as Brown-Forman B, Coca-Cola Europacific Partners, and Diageo. According to TipRanks, Pistacchi has an average return of -5.9% and a 33.75% success rate on recommended stocks.
In another report released on October 30, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $99.00 price target.