Credit Suisse analyst Laurent Grandet upgraded Coca-Cola to Outperform and raised his price target for the shares to $49 from $44.

The stock closed yesterday up 41c to $43.48. With incoming CEO James Quincey taking over on May 1, and the refranchising nearly complete, Coca-Cola “has all the pieces in place to be successful again,” Grandet tells investors in a research note.

The company has “significant balance sheet flexibility” to invest in the business and fill the gaps in the current portfolio, the analyst adds.