Coca-Cola Enterprises Downgraded by Goldman Sachs to “Neutral” (CCE)

Coca-Cola Enterprises (NYSE: CCE) was downgraded by research analysts at Goldman Sachs from a “buy” rating to a “neutral” rating in a report released on Monday, reports.

The analysts wrote, “We are downgrading CCE to Neutral from Buy following outperformance and a re-rating of shares to better reflect the balance sheet optionality that was central to our thesis. We still view CCE as a top-tier cash returner but top-line growth is likely to remain at the low end of CCE’s 4%-6% long-term target for the foreseeable future. In addition, we are reducing our EPS estimates by 3%-5%, mostly reflecting the recent adverse movement in FX. We maintain our 12-month, P/E-based $40 price target, implying 8% upside. Since being added to the Buy List on 10/8/10, CCE is up 63.7% vs. S&P 500 up 34.7%. Over the last 12 months, CCE is +31.6% vs. S&P 500 +11.6%.”

Shares of Coca-Cola Enterprises (NYSE: CCE) traded down 1.00% during mid-day trading on Monday, hitting $36.55. Coca-Cola Enterprises has a one year low of $26.05 and a one year high of $37.37. The stock’s 50-day moving average is currently $36.04. The company has a market cap of $10.204 billion and a P/E ratio of 16.41.

Coca-Cola Enterprises (NYSE: CCE) last announced its earnings results on Thursday, February 7th. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.44 by $0.10. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter last year, the company posted $0.36 earnings per share. Coca-Cola Enterprises’s revenue was up 1.2% compared to the same quarter last year. On average, analysts predict that Coca-Cola Enterprises will post $2.52 earnings per share for the current fiscal year.

CCE has been the subject of a number of other recent research reports. Analysts at Credit Agricole upgraded shares of Coca-Cola Enterprises from an “underperform” rating to an “outperform” rating in a research note to investors on Thursday, March 14th. Separately, analysts at Sanford C. Bernstein reiterated a “market perform” rating on shares of Coca-Cola Enterprises in a research note to investors on Thursday, March 14th. They now have a $36.00 price target on the stock. Finally, analysts at S&P Equity Research cut their price target on shares of Coca-Cola Enterprises from $44.00 to $43.00 in a research note to investors on Wednesday, February 13th.

Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $38.31.

Coca-Cola Enterprises, Inc. (NYSE: CCE) markets, produces, and distributes nonalcoholic beverages. The Company serves a market of approximately 170 million consumers throughout Belgium, continental France, Great Britain, Luxembourg, Monaco, the Netherlands, Norway, and Sweden.

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