NEW YORK (TheStreet) -- Shares of COCA-COLA EUROPEAN PARTNERS (CCE) are rising 1.20% to $37.80 in early-morning trade after a price target drop to $40 from $56 at Jefferies, a 29% decline from former estimates.
Jefferies lowered its target for the independent Coca-Cola global bottling company based in Uxbridge, U.K., in the face of mounting concerns over the upcoming Brexit vote beginning today.
"CCE's stock has underperformed the S&P 500/XLP by -370/-440 bps since June 9 partially owing to Brexit fears," the firm said.
Jefferies analysts added that a "remain" vote would almost certainly drive a near-term bounce in stock price, whereas a "leave" vote would add more uncertainty to "an already constrained topline story."
The firm retained a "hold" rating on Coca-Cola European Partners.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.
The company's strengths can be seen in multiple areas, such as its expanding profit margins and notable return on equity. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including feeble growth in the company's earnings per share, generally higher debt management risk and weak operating cash flow.
You can view the full analysis from the report here: CCE
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.