Turkey Opens Probe Into Coca-Cola For Allegedly Obstructing Sales Of Competitors

Turkey has opened an antitrust investigation into Coca-Cola (KO), Reuters reported on Tuesday.

The Turkish Competition Board said that it launched a probe after its initial findings revealed that the soft drinks giant implemented practices aimed at preventing and obstructing the sales of its competitors at its sales points.

Last year, Coca-Cola saw a drop in sales in Turkey and Pakistan due to calls in the region to boycott brands with perceived links to Israel amid conflict in the Middle East.

It could take years for the Turkish agency to submit its investigation results, and the process would have little effect on Coca-Cola's day-to-day business and practices.

The news comes as the beverage giant is getting a more stable footing.

Earlier this week, Morgan Stanley added Coca-Cola (KO) to its top picks list, weeks after raising its rating on the firm to 'Overweight.' The firm said it expects long-term growth in the business.

Coca-Cola stock has also largely weathered the market slump related to the tariffs, with shares rising about 8% from their recent low on April 7, just after President Donald Trump announced the new tariffs.

On Stocktwits, retail sentiment for KO, however, stayed in 'bearish' territory.

Still, a user recommended the stock "for the safety and dividends."

Coca-Cola shares are up 16.2% year-to-date.

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