ANALYST-UPGRADE

KO

COCA COLA CO
NEUTRAL
Impact 1/10
Processed3mo ago SECanalyst-KO-bernstei-20260611
Bernstein initiates coverage on KO at Market Perform
Actionable Insight • Neutral

Bernstein's neutral initiation is a cautious outlier in a bullish consensus, but the heavy insider selling and downward EPS revisions for the current quarter suggest near-term headwinds. Traders should wait for a pullback toward the $71-$75 support zone before adding long exposure, or consider protective puts into the July 20 earnings.

DirectionNeutral
Final — all horizons settled through T+60d ⚠ clustered
KO ▲ +6.95% at T+60d
NEUTRAL call ✓ call won +6.95% · α vs SPY +3.68% · entry $82.62 → $88.36
Entry anchored
Jun 12, 11:19 AM ET
via exchange tick
T+1d
-2.07%
call -2.07% · α -3.83%
$80.91
settled 4mo ago
T+5d
-3.91%
call -3.91% · α -4.58%
$79.39
settled 3mo ago
T+20d
+1.05%
call +1.05% · α -0.73%
$83.49
settled 3mo ago
T+60d
+6.95%
call +6.95% · α +3.68%
$88.36
settled 23d ago

Price Chart

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Executive Summary

Bernstein initiated coverage on Coca-Cola (KO) at Market Perform with an $84 price target, implying 1.8% upside from the current $82.53. The call is cautious relative to a heavily bullish consensus — 28 of 34 analysts rate KO Buy or Strong Buy, with a mean target of $85.97. Bernstein's 51% accuracy on 497 calls and 3.3% average return places it near the middle of the pack, below top-tier firms like BofA (100% on 2 calls) and Piper Sandler (100% on 4 calls). The $84 target sits below the consensus median of $88 and the high of $92, but above the low of $71.38. Momentum is positive with 2 upgrades and 0 downgrades over the past 30 days, though EPS revisions for the current quarter show 13 downward revisions vs 2 upward. Insider selling is heavy — CEO James Quincey sold ~$35M on June 5, and EVP Jennifer Mann sold ~$12M in early June. Congressional buying from Reps. Doggett and Khanna provides a minor bullish contra-signal. The next earnings report is due July 20, 2026. Bottom line: Bernstein's neutral initiation is a cautious outlier in a bullish consensus, but the heavy insider selling and downward EPS revisions warrant a tempered view.

Impact Score

Base Score
2/7
LLM Adjustment
-1
Final Score
1/10

Consensus & Targets

Buy / Strong Buy
28 (82%)
Hold
6
Sell / Strong Sell
0
Total Analysts
24
Mean PT
$85.97
Median PT
$88.00
High PT
$92.00
Low PT
$71.38
Current Price
$82.53
Implied Upside
+4.2%

Of 34 analysts covering KO, 8 rate it Strong Buy (23.5%), 20 rate it Buy (58.8%), and 6 rate it Hold (17.6%). Zero Sell or Strong Sell ratings. The consensus is heavily bullish, making Bernstein's Market Perform a contrarian hold-level call.

Current price: $82.53. Mean target: $85.97 (4.2% upside). Median: $88 (6.6% upside). High: $92 (11.5% upside). Low: $71.38 (13.5% downside). Bernstein's $84 target is 2.3% below the mean and 4.5% below the median, reflecting a below-consensus view.

Recent Analyst Activity

DateFirmActionRatingPrice Target
2026-06-12BernsteininitiateMarket Perform$84.00
2026-06-11BernsteininitiateMarket Perform$84.00
2026-05-21BarclaysmaintainOverweight$89.00
2026-05-18CitigroupmaintainBuy$91.00
2026-05-18Wells FargomaintainOverweight$90.00
2026-04-30BarclaysmaintainOverweight$85.00
2026-04-29JP MorganmaintainOverweight$85.00
2026-04-29TD CowenmaintainBuy$90.00
2026-04-29CitigroupmaintainBuy$90.00
2026-04-29Evercore ISI GroupmaintainOutperform$88.00

Over the past 30 days, KO has seen 2 upgrades and 0 downgrades. EPS revisions for the current quarter (0q) show 13 downward revisions vs 2 upward, with the average estimate falling from $0.93246 to $0.93466 (slight net decline). Full-year 0y estimates show 20 upward revisions vs 0 downward, with the average rising from $3.26465 to $3.26737 — a mixed picture with near-term weakness but full-year optimism.

Firm Track Record — Bernstein

Bernstein accuracy: 51% on 497 calls | avg return: 3.3%

Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 12 firms with ≥5 scored calls.

FirmAccuracyCallsAvg Returnvs Average
B of A Securities100%2/211.9%top tier
Deutsche Bank100%2/26.3%top tier
Evercore ISI Group100%2/26.3%top tier
Piper Sandler100%4/49%top tier
TD Cowen100%3/35.3%top tier
Wells Fargo86%6/73.8%top tier
JP Morgan83%5/67.6%top tier
UBS71%5/73.9%top tier
RBC Capital67%2/34.1%top tier
Barclays63%5/83.6%top tier

Bernstein has a 51% accuracy rate on 497 scored calls with a 3.3% average return, placing it in the middle tier. Top-tier firms on KO include BofA (100% on 2 calls, 11.9% avg return), Piper Sandler (100% on 4 calls, 9% avg return), and Wells Fargo (86% on 7 calls, 3.8% avg return). Below-average firms include Morgan Stanley (33% on 6 calls, -1.8% avg return) and Truist (50% on 2 calls, -4.6% avg return).

Earnings Estimates

Next earnings: Jul 20, 2026

PeriodEPS Est.EPS RangeRevenueRevisions (7d)
0q$0.93$0.90 — $0.97$13.2B↑0 ↓0
+1q$0.88$0.87 — $0.89$12.4B↑0 ↓0
0y$3.27$3.24 — $3.31$49.1B↑1 ↓0
+1y$3.48$3.39 — $3.56$50.0B↑2 ↓0

Cross-Platform Signals

Insider Trades (90d)
0 buys / 5 sells
Congressional
Lloyd Doggett (democrat) — buy $1,001 - $15,000
Congressional
Ro Khanna (democrat) — buy $15,001 - $50,000
Institutional
Capital Research Global Investors — add (84.8%)
Institutional
NORGES BANK — exit (-100%)
Institutional
Lindsell Train Ltd — trim (-29.4%)
Short Interest
Short: 2,319,160 | Exempt: 18,112 | TRF Vol: 4,006,484 | Short Ratio: 57.9% | Off-exchange volume (dark pool + OTC)

Insider selling is heavy and concentrated: CEO James Quincey sold ~$35M on June 5, and EVP Jennifer Mann sold ~$12M in early June. These are large, non-routine sales that align with the cautious analyst view. Congressional buying is minor: Rep. Doggett bought $1K-$15K and Rep. Khanna bought $15K-$50K in late March/early April. Institutional activity is mixed: Capital Research Global Investors added 84.8% ($2.24B), while Norges Bank exited, Lindsell Train trimmed 29.4%, and Renaissance Technologies nearly exited (99.8% reduction). Soros Fund Management opened a new $11.5M position. Short interest is elevated at 57.9% of TRF volume, suggesting bearish positioning. The heavy insider selling diverges from the bullish consensus, creating a cautionary signal.

Investment Themes

Consumer & Retail

Documents Analyzed

Report based on filing metadata.

19 reports for KO
Performance horizon
100% Hit rate 3 of 3 directional calls best @ T+20▲ +4.14%Apr 28, 2026
Filters
Rows
Reports for KO — sortable, filterable
TypeNow
Aug 24, 2026
5w ago
Insider Cluster
NEUTRAL ★ 2/10
$91.99 $88.61▼ −3.67%▼ −4.99%$85.65 (−6.89%)
Aug 11, 2026
7w ago
Insider Cluster
NEUTRAL ★ 2/10
$86.48 $87.55▲ +1.24%▲ +2.30%$85.65 (−0.96%)
Aug 7, 2026
8w ago
Insider Cluster
NEUTRAL ★ 2/10
$87.05 $88.07▲ +1.17%▲ +1.57%$85.65 (−1.61%)
Aug 3, 2026
8w ago
Insider Cluster
NEUTRAL ★ 3/10
$86.86 $88.67▲ +2.08%▲ +0.85%$85.65 (−1.39%)
Jul 30, 2026
9w ago
Insider Cluster
NEUTRAL ★ 2/10
$88.49 $89.06▲ +0.64%▼ −3.32%$85.65 (−3.21%)
Jul 28, 2026
9w ago
8-K
BULLISH ★ 7/10
$88.27 $91.64▲ +3.82%▲ +0.44%$85.65 (−2.97%)
Jul 16, 2026
11w ago
8-K
BEARISH ★ 5/10
$81.56 $87.71▼ −7.54%▼ −3.09%$85.65 (−5.01%)
Jun 25, 2026
14w ago
8-K
NEUTRAL ★ 3/10
$82.63 $81.17▼ −1.77%▼ −3.03%$85.65 (+3.65%)
Jun 12, 2026
16w ago
Insider Cluster
NEUTRAL ★ 2/10
$82.62 $83.49▲ +1.05%▼ −0.73%$85.65 (+3.67%)
Jun 12, 2026
16w ago
ANALYST-UPGRADE
NEUTRAL ★ 1/10
$82.62 $83.49▲ +1.05%▼ −0.73%$85.65 (+3.67%)
Showing 10 of 19

US Market Status

Market Closed — Opens Mon (65h 1m)

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Report published Jun 12, 2026