J.P. Morgan Reiterates Neutral Rating on Coca-Cola Enterprises (CCE)

J.P. Morgan is out with a research report this morning, where it reiterates its Neutral rating on Coca-Cola Enterprises CCE; it has a $28.00 price target on the stock. The JPM analysts cited a recent guidance update for 2010-2011, where their tone of the call was generally positive. 2011 guidance was slightly better than expected. For Q4, underlying trends are generally in-line with expectations, yet JPM took down Q4 numbers by $0.02 to account for a slightly more negative FX environment and purchase accounting adjustments to the P&L. As for valuation, the analysts remarked, “The malls remain attractive on a relative valuation basis, trading at a 7% discount to REITs avg. We maintain our 12-month, NAV based PT of $52.”