J.P. Morgan Slashes Estimates for Coca-Cola Enterprises (JPM, CCE)

J.P. Morgan JPM has retained its ‘Neutral’ rating for Coca-Cola Enterprises CCE. Coca-Cola Enterprises (CCE) has provided its updated guidance for 10-12% FX-neutral EPS growth with a -$0.10 hit from currency headwinds. However, the guidance is in line with expectations. J.P. Morgan has lowered its stand-alone EPS number for the company to $1.70 due to the foreign exchange impact. The new 2011 estimate for the company stands at $1.85. The company is also likely to execute share buybacks in 2011, which will have a positive impact on its EPS. J.P. Morgan (JPM) has given a price target of $27 for the stock, which is based on 11x 2011 estimated earnings numbers.