Coca-Cola’s (KO) latest financial results and “strong” guidance suggest that it continues to be best placed among the large soda makers headed into 2024, Wedbush Securities said Wednesday.
The soft drinks company delivered its third straight year of above-algorithm top-line and earnings growth, Wedbush analysts Gerald Pascarelli and Antoine Legault said in a note.
The company’s 2024 outlook was “strong,” indicating another year of earnings and sales growth meeting or surpassing the high-end of long-term targets, the analysts said.
Wedbush increased its price target on the Coca-Cola stock to $68 from $66 while reiterating its outperform rating.