Coca-Cola’s dairy brand Fairlife spent eleven days completely offline in July.
A ransomware group calling itself Anubis broke into Fairlife’s production systems, forcing a shutdown across all four U.S. plants, according to a filing Coca-Cola made with the SEC
Two weeks later, Coca-Cola turned in one of its strongest quarters in years. The company posted adjusted earnings of 97 cents a share on July 28, ahead of the 93 cents Wall Street expected, according to CNBC. Revenue rose 7% to $13.4 billion.
Shares climbed more than 7% that morning and touched a record high, CNBC reported, as investors shrugged off the cyberattack entirely. Morgan Stanley didn’t wait for the dust to settle. Analyst Dara Mohsenian and his team raised their price target on Coca-Cola (KO) to $100 from $89 and kept the stock as their top pick in the beverage sector, according to a Morgan Stanley research note.