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Coke cuts growth target
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April 4, 2000: 2:24 p.m. ET
CEO Daft narrows estimates as soft drink maker battles to shore up sagging stock
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NEW YORK (CNNfn) - Coca-Cola Co. on Tuesday cut its long-term growth target to 15 percent from a previous range of 15-to-20 percent, reflecting a strategy to deal with faltering stock.
Atlanta-based Coca-Cola, the world's largest soft drink company, which announced a restructuring in January, also told analysts at a meeting in New York Tuesday that its long-term target for average annual growth in case sales remained unchanged at 7-to-8 percent.
 Shares of Coca-Cola (KO: Research, Estimates), which had initially gained $2 after opening at 48-3/16 on the New York Stock Exchange Tuesday, slipped 7/16 to 48-7/8 in midday trading.
"We will achieve higher levels of greatness," Douglas Daft, the company's chief executive officer said.
Daft predicted the company would become more efficient, more productive and more competitive in the soft drink industry.
Roy Burry, an analyst with Brown Brothers Harriman & Co., said Coke stock, which has been trading near 52-week lows, increased in the last few days because of anticipation over Tuesday's meeting and a general shift of trading from the Nasdaq to the Dow. 
-- from staff and wire reports
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Coca-Cola
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