Market Spotlight: Coca Cola Hits Fresh Highs Following Q1 Correction
Coca Cola Shares Rebound
Following a tricky period across the middle of Q1, Coca Cola shares have rebounded firmly in recent weeks and are now trading at fresh, all-time highs. The company saw its stock price plunge by around 9% in March as investors scorned KO for now immediately joining the wave of global corporates boycotting Russian over its invasion of Ukraine. KO was one of the last major names to continue operating there, along with McDonalds. However, since announcing a suspension of operations in Russia, shares have since rebounded, buoyed also by the pickup in risk appetite across the end of Q1.
Looking ahead, KO is due to report earnings on April 25th with EPS projected at $0.58, which would mark an increase on the prior quarter’s $0.45 EPS. Revenues are also forecast to improve to roughly $9.9 billion from the prior quarter’s $9.4 billion.
Technical Views
KO
The recovery in KO shares off the 57.53 level and bull channel low has seen the market advancing firmly with shares breaking through several key levels. The latest advance has seen the market breaking above the prior highs at 62.80. With both MACD and RSI firmly bullish here, the focus is on further upside while that level holds.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.