Investing.com — Analysts at CFRA Research have downgraded Coca-Cola (NYSE:) from ‘Buy’ to ‘Hold’, citing a recent rise in the soft drink giant’s stock.
In a note to clients published Wednesday, the analysts said that after a “better-than-expected” second-quarter earnings release, in which Coca-Cola exceeded financial targets and raised full-year earnings per share expectations, ” the share is now reasonably valued.”
Shares of Coca-Cola are up more than 21% so far this year, outpacing the gains in shares of archrival PepsiCo Inc (NASDAQ:), the analysts noted.
Meanwhile, they flagged continued concerns around soft drinks companies and the broader consumer staples sector, arguing that price and volume growth are under continued pressure from weak consumer spending.
