Deutsche Bank hikes target price on Coca-Cola HBC

Analysts at Deutsche Bank raised their target price on bottling company Coca-Cola HBC from 2,525.0p to 2,600.0p on Friday, stating the stock was "still going cheap" despite recent strong growth.

Deutsche Bank said Coca-Cola HBC's first-half earnings signalled the firm's "biggest beat so far, with its results standing out even in the context of a European Beverages earnings season where every company has beaten so far.

"CCH's 6.7% revenue beat was the third best this season (out of seven) and its 33.2% EBIT beat was 2x the next best (Campari) out of six companies to have reported EBIT," said DB, which reiterated its 'buy' rating on the stock.

"The company also reintroduced guidance, which suggests 2-12% upside to consensus EBIT in FY22."

Reporting by Iain Gilbert at Sharecast.com