JP Morgan upgrades Coca Cola HBC, hikes target

Analysts at JP Morgan bumped up their recommendation on shares of Coca Cola HBC, pointing out how the European Beverages sector had proved more resilient than competitors beer or spirits to the volatile macroeconomic backdrop.

Indeed, in the opinion of the broker bottlers's shares offered "low beta predictable cash-flows through volume growth in a low inflation world."

"Benign input costs and cost saving opportunities augment margin expansion," they said.

The broker upgraded shares of Coca Cola CCH from 'neutral' to 'overweight' and hiked their target price from 1,500p to 1,800p.

JP Morgan kept its recommendations on Britvic and AG Barr at 'underweight' and 'overweight', respectively, alongside target prices of 590p and 600p for each one.