Coca-Cola appoints Henrique Braun as CEO, shares up

Shares of beverage maker Coca-Cola KO.N marginally up at $70.36 before the bell

Co named insider Henrique Braun as its new CEO on Wednesday, replacing James Quincey, as packaged food companies try to adjust their strategies to consumers looking for healthier and more affordable drinks and snacks

J.P. Morgan maintains 'overweight' stance on the stock, noting the transition will be smooth as Henrique, along with President & CFO John Murphy and the Operating Committee, have developed strong agility and a resilient, “all-weather” strategy to deliver above-average top- and bottom-line growth while minimizing volatility

The move comes as Coca-Cola faces stricter U.S. food regulations and works to introduce a cane sugar version of its soda in glass bottles

Average rating of 27 analysts is "buy"; median PT $79.5 - data compiled by LSEG

As of last close, the stock is up nearly 13% YTD