Royal Bank of Canada, Piper Sandler, and JPMorgan raised price targets for The Coca-Cola Company on July 29. Royal Bank of Canada increased its target to $96 from $87. Piper Sandler moved its target to $95 from $88. JPMorgan adjusted its target to $96 from $90.
The upgrades follow Coca-Cola's revised annual forecast. The company now projects higher revenue and profit for the year. Coca-Cola cited strong demand for its sugar-free drinks and the "fairlife" milk brand as key drivers. The company expects organic revenue to grow around 5%. It also expects comparable earnings per share to increase by 9% to 10%.