As previously reported, Goldman Sachs analyst Judy Hong upgraded Coca-Cola European Partners (CCE) to Buy, as she believes muted sentiment in the context of sugar tax implementation in the UK and France provides a compelling opportunity. Sugar tax concerns are well-known by investors, while Coca-Cola European is likely to benefit from a stable EU macro environment, innovation and expansion to improve overall portfolio mix, said Hong, who also thinks potential M&A is an underappreciated catalyst. However, she trimmed her price target on the shares to $48 from $50.