Keep an eye on Coca-Cola (KO).
After a snub by Cristiano Ronaldo, KO pulled back slightly, enough to wipe out about $4 billion of market value. “During a Euro 2020 press conference on Monday, soccer superstar Cristiano Ronaldo irritably moved two bottles of Coca-Cola, one of the official sponsors of the event, and then picked up a bottle of water,” reported CBS News.
We wouldn’t read too much into the snub, though.
The stock is already benefiting, as restaurants and theatres reopen all over the world.
In addition, Credit Suisse just reiterated a buy rating on the stock with a price target of $62. Morgan Stanley is also bullish on the stock, having reiterated an overweight rating with a price target of $64 a share. Analyst Dara Mohsenian has ““a high degree of conviction that Coke will post an above-average consensus top-line recovery through 2022,” as noted by Barron’s.
Shares of KO appear to have already bottomed out around $54.95.
The post Cristiano Ronaldo-Fueled Weakness in Coca-Cola is Temporary appeared first on Morningology.
