Morgan Stanley upgrades Coca-Cola to overweight: 'Coke is now our top mega-cap staples pick'

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Morgan Stanley upgrades Coca-Cola to overweight: 'Coke is now our top mega-cap staples pick'
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Coca-Cola shares traded higher following the bullish call from Morgan Stanley.

The firm raised the 12-month price target to $55 from $52.Coca-Cola shares rose 1% in premarket trading Tuesday.Christopher Lee | Bloomberg | Getty Imageson Tuesday, saying the stock is trading at a very attractive valuation based on its history and relative to likely better-than-expected earnings in coming years.

The firm upgraded Coca-Cola to overweight from equal weight and raised the 12-month price target to $55 from $52. Coca-Cola closed Monday at $48.05, slightly higher for 2019. "Coke is now our top mega-cap staples pick," wrote analyst Dara Mohsenian in a note to clients. "We believe KO offers a clearly superior growth outlook vs. CPG peers, with stronger pricing power, favorable strategy tweaks, solid volume growth, and rebounding emerging market trends, which are not reflected in relative valuation below historical long-term averages."

Coca-Cola shares rose 1% in premarket trading Tuesday. The shares trade at 22.3 price-earnings ration based on the next 12 months' earnings. That's about even with

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