Markets & Finance

Goldman Adds Coke to Recommended List

Goldman Sachs upgraded Coca-Cola (KO) to its recommended list from market outperformer.

Analyst Marc Cohen says he expects Q2 bottler sales to rise about 4%. He trimmed the $1.60 2001 EPS estimate to $1.58, and trimmed the $1.85 2002 estimate to $1.80. However, he believes investors' sentiment has become too negative towards the stock over the past few months. He believes the stock's valuation already reflects a disappointing scenario.

Cohen expects sentiment to turn -- and thinks the price-to-earnings multiple will expand moderately -- as business trends continue to strengthen in key markets and as macro-economic and currency conditions turn more favorable.

Cohen sees good upside potential/downside risk ratio to the stock, and has a $52-$54 target.

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