Coca-Cola (NYSE:KO) to Accelerate in 2011 Say Barclays (NYSE:BCS)

Barclays (NYSE:BCS) said they see Coca-Cola (NYSE:KO) moving ahead on all cylinders going into 2011, citing flexibility with $13 billion in cash on hand, and their deal with CCE closed.

"With the CCE transaction now closed and still more than $13 billion in cash on the balance sheet, we envision accelerating KO growth in 2011...We are raising our KO price target and our FY11 EPS estimate to $3.90 from $3.85. With accelerating underlying fundamentals and ample financial flexibility, we see the shares trading in a $64-$74 range. Our new $74 price target is based on a 19.0x P/E multiple. In our opinion, such a premium valuation is warranted as KO reclaims its mantle as the premier CPG company delivering top-tier and high-quality top- and bottom-line results," said Barclays.

Coca-Cola close at $64.27 Monday, falling $0.05, or 0.08 percent. Barclays raised their price target on them from $68 to $74, while maintaining their "Overweight" rating.