JPMorgan Upgrades Coca-Cola, Says Tax Dispute Ruling Could Be Next Catalyst
JPMorgan Upgrades Coca-Cola, Says Tax Dispute Ruling Could Be Next Catalyst
Coca-Cola Co (NYSE:KO) shares gained 2.2% during a weak market session on Monday after the company landed a major Wall Street upgrade.
可口可樂公司紐約證券交易所(NYSE：KO)股價週一在疲軟的市場時段上漲2.2%，此前該公司在華爾街獲得了重大評級。
The Analyst: JPMorgan analyst Andrea Teixeira upgraded Coca-Cola from Neutral to Overweight and raised her price target from $59 to $63.
分析師：摩根大通分析師Andrea Teixeira將可口可樂評級從中性上調至加碼，並將目標價從59美元上調至63美元。
Related Link: Is Coca-Cola's Stock Overvalued Or Undervalued?
相關鏈接：可口可樂的股票是高估還是低估？
The Thesis: In the upgrade note, Teixeira said Coca-Cola's sales are accelerating, it has low price elasticity and the stock trades at an attractive valuation.
論文內容：Teixeira在升級報告中表示，可口可樂的銷售正在加速，價格彈性較低，股票估值具有吸引力。
She is predicting Coca-Cola's recent top-line growth momentum will carry over into 2022 as the world continues to recover from the COVID-19 pandemic. Teixeira said Coca-Cola's strong brand value and asset-light business model have also helped the company navigate a difficult environment of cost pressures.
她預測，隨着世界繼續從新冠肺炎疫情中恢復，可口可樂最近的營收增長勢頭將持續到2022年。Teixeira表示，可口可樂強大的品牌價值和輕資產的商業模式也幫助公司度過了成本壓力的艱難環境。
Coca-Cola is currently fighting the IRS in court in a tax dispute, but Teixeira said the company's dividend and debt rating is likely safe even in a worst-case court ruling. But, if the court finds Coca-Cola must pay a 3.5% higher marginal income tax moving forward, Teixeira estimates the company's 2023 EPS would take roughly a $2.55 hit and JPMorgan's price target would drop to $60.
可口可樂目前正與美國國税局就税務糾紛在法庭上抗爭，但Teixeira表示，即使在最糟糕的情況下，該公司的股息和債務評級也可能是安全的。但是，Teixeira估計，如果法院認定可口可樂未來必須支付更高3.5%的邊際所得税，該公司2023年每股收益將遭受約2.55美元的損失，摩根大通的目標股價將降至60美元。
"As such, we see limited downside potential for KO shares at these levels, even if the litigation goes against KO, and we think a resolution either positive or negative would remove this overhang," Teixeira said.
Teixeira表示：“因此，我們認為KO股價在這些水平的下行潛力有限，即使訴訟對KO不利，我們認為無論是正面還是負面的決議都將消除這種懸而未決的影響.”
After recently meeting with Coca-Cola management, Teixeira said she is increasingly confident the company will hit the top end of its 4% to 6% organic sales growth guidance range for 2022.
在最近與可口可樂管理層會面後，Teixeira表示，她越來越有信心公司將達到2022年4%至6%有機銷售增長指導區間的高端。
Benzinga's Take: Coca-Cola may not be the most exciting stock on Wall Street, but it is one of the most reliable blue-chip investments in the market and it pays a nice 2.9% dividend.
本辛加的觀點：可口可樂可能不是華爾街最令人興奮的股票，但它是市場上最可靠的藍籌股之一，而且它支付了相當不錯的2.9%的股息。
There's a good reason why Coca-Cola has been one of Warren Buffett's largest investments for decades.
可口可樂幾十年來一直是沃倫·巴菲特最大的投資之一，這是有充分理由的。
Photo by Laura Chouette on Unsplash
Laura Chouette在Unspash上的照片
譯文內容由第三人軟體翻譯。