05:55 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We adjust our 12-month target price for Coca-Cola Europacific Partners ( CCEP ) to US$75 (from US$70), implying 2024 P/E of 16.6x, which is discounted against peers' P/E of 19.0x, justified in our opinion by its higher gearing. CCEP reported Q1 2024 revenue of EUR4.47bln, broadly in line with S&P Capital IQ consensus of EUR4.44bln. FX-neutral comparable growth at 8.4% was driven by slightly higher price (+0.5%), while comparable volume experienced very high growth of 7.9%. The volume growth was mostly driven across Southeast Asia after cycling the softest quarter last year. We also note that price growth was rather muted in the region at 0.2%, versus 5.6% in Europe, reflecting different revenue growth strategies across the two regions. We still see further scope for volume expansion for CCEP as a whole, driven by favorable global activations plans such as the upcoming sporting events. However, we think sentiment could be limited by the company's relatively high gearing position.