NEW YORK (TheStreet) -- The Coca-Cola Co. (KO) and other soft drink companies came out victorious when the New York State Court of Appeals rejected the proposed New York City soda ban, saying the city's health board doesn't have the authority to impose the restriction, Bloomberg reports.
Former NYC Mayor Michael Bloomberg first introduced a plan to limit the size of sugary beverages movie theaters, restaurants, and other establishments could sell as part of his efforts to encourage healthy living.
Shares of Coca-Cola are up 0.38% to $42.20 in mid-morning trading on Friday.
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Separately, TheStreet Ratings team rates COCA-COLA CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate COCA-COLA CO (KO) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, good cash flow from operations, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: