Atlantic Equities analyst Edward Lewis said he anticipates a more challenging backdrop for the global consumer in FY23 as input costs remain elevated and companies will be looking to at least hold if not take further pricing in some cases. In this context, his preferred names in beverages remain Coca-Cola (KO) and Pepsi (PEP), where he sees category momentum, ongoing investment and strong execution supporting elevated growth. Lewis has an Overweight rating on Coca-Cola shares with a $69 price target and has an Overweight rating on Pepsi with a $210 target.
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Published first on TheFly
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