-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将可口可乐欧洲太平洋合作伙伴公司（CCEP）的12个月目标价从109美元下调至88美元。这一下调基于2026年17.5倍的市盈率，低于其五年历史平均市盈率18.2倍以及行业预期平均市盈率18.2倍。我们认为，目前的估值合理反映了CCEP增长潜力的减弱（年增长率约为3%-4%）以及在当前经营环境下有机利润率扩张空间有限。我们将2026年每股收益预期从4.50欧元下调至4.29欧元，2027年每股收益预期从4.70欧元下调至4.32欧元。我们认为，CCEP面临着来自对可口可乐品牌的高度依赖以及价格分摊限制的结构性利润率阻力。尽管CCEP正通过转向销售Monster Energy产品来缓解这一问题，但我们预计销量将在2026年恢复正常。我们认为，鉴于管理层可能低估了事故发生率，并可能高估了生产力提升，尤其是在成本敏感的环境下，其2026年的成本预期（约1.5%）过于乐观。
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