Credit Suisse analyst Kaumil Gajrawala upgraded Coca-Cola to Outperform from Neutral with a price target of $64, up from $54. The Coca-Cola of today is considerably different compared to a few years ago, Gajrawala tells investors in a research note partially titled "Kiss the Past Hello." A return to its "asset-light roots" should drive faster revenue growth and improved return on invested capital, contends the analyst. Gajrawala expects revenues to grow at the high-end of Coke's 4% to 6% algorithm "for several years," driving margin expansion, earnings and cash flow ahead of consensus. The benefits of the structural changes at Coke are reinforced by positive commentary from bottlers, retailers and other industry contacts in recent months, says the analyst.

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