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Wednesday, July 24, 2024

CCEP Has The Potential to Push Higher, Forecast, Price Targets

Technical Analysis

CCEP Is currently in an uptrend, nearing its support level at ~71.5. If CCEP continues to rise, we can expect the $77.5 Level to be a reasonable price target. It could bounce off of its support level and move toward either the 77.5 Level or the closest resistance at 75.7. Based on the recent analyst price targets and earnings transcript CCEP and analysts seem confident this stock will continue to increase.

Analyst Price Targets For CCEP

  • Barclays, in its most recent analysis on May 14, 2024, maintained an “Overweight” rating for CCEP while significantly boosting its price target from $78.00 to $84.00. This upward revision suggests strong confidence in the company’s growth potential and market position.
  • Earlier in the year, on March 28, 2024, Deutsche Bank Aktiengesellschaft also raised its price target for CCEP from $68.00 to $77.00, maintaining a “Buy” rating.
  • Argus followed suit on March 19, 2024, with an even more optimistic view. While maintaining its “Buy” rating, Argus raised its price target from $72.00 to $85.00, representing the highest target among the analysts mentioned.
  • UBS Group also joined the trend of upward revisions on February 26, 2024, increasing its price target from $74.00 to $78.00 while maintaining a “Buy” rating for CCEP.

These consistent upward revisions from multiple financial institutions paint a positive picture for CCEP’s stock performance in 2024. The new price targets range from $77.00 to $85.00, with an average of approximately $81.00, suggesting upside potential.

CCEP Earnings Call Transcript Summary Q1 2024:

You can find CCEP’s Earnings Call Transcript Here.

Financial Performance:

  • Solid top-line growth of 5.3%, with volume growth of 2.0% and revenue per unit case of 3.4%
  • APS (Australia, Pacific & Southeast Asia) unit delivered about 30% of total revenue
  • Reaffirmed full-year 2024 guidance

Regional Performance:

  • APS volumes up 8.1%, driven by strong performance in the Philippines and Indonesia
  • Europe volumes down 1.4%, cycling tough comparables from previous year
  • Australia/Pacific volumes flat, excluding strategic bulk water exit

Brand Performance:

  • Coca-Cola trademark performed well, up 2.4%
  • Monster and overall Energy category saw 7.5% volume growth
  • Sports category grew 4.3%, led by Powerade

Strategic Initiatives:

  • Successful integration of Coca-Cola Philippines
  • Strategic portfolio choices, including exit from Capri-sun brand in Europe
  • Focus on balancing premiumization with affordable offerings
  • Continued investment in core brands and focused innovation

Outlook:

  • Anticipating full-year revenue growth of around 4%
  • Operating profit growth expected at around 7%
  • Free cash flow generation projected at around 1.7 billion euros
  • Interim dividend declared at 74 euro cents per share

Key Upcoming Events:

  • Euros in Germany
  • Paris Olympic and Paralympic Games
  • 37th America’s Cup in Barcelona

If CCEP continues this growth and continues to deliver good results, the analysts price targets could increase over time.

Lazarus
Lazarushttps://ljlnews.com
Lazarus Lucas is the Publisher, editor, and creator of LJLNews. Stock Market enthusiast, with an interest for politics. Independent trader, analyst, and asset manager. Lazarus publishes articles on LJLNews with technical analysis on various markets, such as currencies, stocks, and commodities. Contact: Lazaruslucas@ljlnews.com

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