Ransomware Gang Sets Sights on Coca-Cola But KO Stock Remains Unfazed

Ransomware gang Everest has reportedly set its sights on Coca-Cola with a hack that may contain insider information and documents. The group claims to have the personal data of the beverage company’s employees, as well as internal documents used by the human resources department, such an employee compensation. The validity of these claims are still unclear as the information showed up on the dark web.

What is clear is Everest’s history of targeting large corporations in ransomware attacks. This is the same hacker group that was behind the 2022 AT&T (T) hack and it has also targeted 91 other organizations over the past year. With that kind of rap sheet on record, Coca-Cola could be in trouble if Everest really does have some of its internal data.

What Does This Mean for KO Stock?

Investors don’t appear fazed by the potential ransomware attack against Coca-Cola. KO stock was up 0.8% on Friday, building on its 15.95% year-to-date gain and extending a 14.74% year-long rally.

This could change if more details concerning the data in the Everest ransomware attack are revealed. For now, investors don’t have enough information to know how severe the attack is and what it could mean for the soda company’s shares.

Recent analyst coverage also remains bullish on KO stock. Earlier this week Evercore ISI analyst Robert Ottenstein reiterated a Buy rating and $80 price target, implying a potential 11.61%.

Is KO Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Coca-Cola is Strong Buy, based on 16 Buy and one Hold rating over the last three months. With that comes an average KO stock price target of $79.33, representing a potential 10.64% upside for the shares.

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