智通财经APP获悉，摩根士丹利发布研报，重申对可口可乐(KO.US)的“增持”评级，目标价为81美元，并列为首选股。摩根士丹利强调，可口可乐的有机销售增长(OSG)将持续大幅领先同行。
摩根士丹利估计，可口可乐长期有机销售增长率为5%，这一预测可能较为保守，但仍远高于大盘股同行3%的水平。
可口可乐更高的有机销售增长率由多个因素驱动：1)强大的定价权，凭借企业特有的定价权优势，叠加有利的产品类别和地理覆盖范围(尤其是新兴市场)，可口可乐的定价能力持续显著领先同行;2)收购高端乳制品品牌Fairlife带来的增长贡献;3)即使近年大幅提价，可口可乐销量增长仍稳定超越同行，支撑因素包括市场份额提升、产品创新和高效执行;4)可口可乐市场份额持续增长，而竞争对手为其他领域的产品提供补贴(百事可乐补贴零食业务和Keurig Dr Pepper补贴咖啡业务)，进一步巩固了可口可乐的地位。
总体而言，摩根士丹利认为可口可乐在定价、产品组合和销量增长方面优于同行。尽管面临中东地缘冲突、美国市场疲软等短期挑战，但可口可乐也迎来有利的外汇环境(美元走软)、保守年度指引提供安全边际以及关税影响有限等催化剂。
截至周二美股收盘，可口可乐涨0.67%，报70.21美元。该股今年以来累计上涨14%。
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