US: CSFB downgrades Coke shares
Coca-Cola has had its share recommendation trimmed back. Credit Suisse First Boston downgraded the soft drinks company to "neutral" from "outperform" due to a "more challenging" volume environment in North America and Europe.
Analyst Andrew Conway said that Coke's near-term earnings growth outlook has become more clouded as the company faces increased challenges in its higher margin markets.
Conway cut his stock price target to US$49 from US$60.
Conway added, however, that he has "a great deal of confidence" in Coke's new chief executive Neville Isdell, especially in building better brand capabilities.
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