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UPDATE: Morgan Stanley Downgrades Coca-Cola To Equal-Weight, Lowers Price Target To $52 Based On 'a weaker demand outlook post the COVID-19 situation' And Cites An Additional 4 Potential Risks:

1. 'lower revenue/profit per case from a mix shift to take-home volume from away from home' 2. 'greater topline/margin risk from Coke's primarily store-based Costa acquisition, which is a MSD% of sales mix' 3. 'KO's bottling pa

Benzinga · 03/18/2020 15:16

1. 'lower revenue/profit per case from a mix shift to take-home volume from away from home'

2. 'greater topline/margin risk from Coke's primarily store-based Costa acquisition, which is a MSD% of sales mix'

3. 'KO's bottling partners could potentially be stressed by COVID-19 disruption, which may require greater KO support'

4. 'KO's debt leverage of 2.7x2019 net debt/EBITDA is above its mega-cap peers' (PEP/PG/CL) average of 1.5x, limiting KO's ability to drive shareholder value through its balance sheet vs peer.'