Coca-Cola (NYSE: KO) Stock Weekly Chart
Coca-Cola (KO) rose 6% on Tuesday after the company posted earnings that beat Wall Street expectations.
Based on its market cycles, we believe the stock has further upside to $56.
The company reported earnings per share of $0.63 and total revenue of $10 billion, compared to analyst estimates of $0.62 and $9.8 billion. Also, management raised its guidance for the fiscal year from 4% to 5% revenue growth.
Coca Cola CEO James Quincey explained that, “With our focus on consumer-centric innovation, almost 25% of our revenue is now from new or reformulated products, up from 15% two years ago.”
Our approach to stock analysis uses market cycles to project price action.
Our view is that Coca Cola’s stock KO is now is the rising phase of its current cycle, providing more time to move higher. KO has a positive pattern suggesting even higher prices ahead for the stock. Our target is near $56.
For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our YouTube channel.
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
