Coca Cola (KO) NewsBite - KO Downgraded By Deutsche Securities

Posted on Monday, October 06, 2008 1:07 PM

Coca Cola (KO) was downgraded today by analysts at Deutsche Securities and the stock is now at $50.35, down $2.22 (-4.22%) on volume of 9,676,277 shares traded. The brokerage downgraded the stock "Hold" from "Buy," and cut its price target on the stock to $56 from $64. Over the last 52 weeks the stock has ranged from a low of $49.44 to a high of $65.59. Coca Cola stock has been showing support around $50.71 and resistance in the $55.93 range. Technical indicators for the stock are bullish and S&P gives KO a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on KO the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 57.50 range. [ABR-Seven Summits Strategic Investments NewsBite]