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.

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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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