Jefferies lifts Coca-Cola HBC price target

Jefferies upped its price target on shares of Coca-Cola Hellenic after the company’s first-quarter results, which it said were better than expected.

The price target was lifted to 3,000p from 2,800p and the rating kept at ‘buy’.

"We see the business better able to navigate a more challenging environment versus history given investments made over the past years around commercial capabilities and the portfolio," the bank said.

"Whilst we are mindful of tough weather comps and geopolitical uncertainty, we see a favourable setup for F23 and increase our organic EBIT to 2.9%."