Bernstein Raises Coca-Cola Europacific Price Target to $106

Bernstein SocGen Group has raised its price target on Coca-Cola Europacific Partners stock to $106 from $102, while maintaining a Market Perform rating. The firm cited the company's first-half results, which showed volume growth of 5.6%, or 2.2% when adjusted for extra selling days.

Comparable foreign exchange neutral revenue growth reached 6.1%, and comparable foreign exchange neutral operating profit grew 8.1%. Comparable foreign exchange neutral diluted earnings per share increased 10.6%.

The company's operating profit beat of approximately 1% came from both Europe and the Asia Pacific segment, according to Bernstein.