Coca-Cola has potential for a leveraged buyout similar to that used by Warren Buffett's Berkshire Hathaway and 3G Capital Management for the acquisition of Heinz last year, a Nomura note released on Wednesday said.
The note maintained its "buy" rating on Coca-Cola and raised its target price to $54 from $51.50, with the potential for more than $90 a share if there was a leveraged buyout, or LBO.
A leveraged buyout utilizes borrowed funds to finance a deal, which lowers the cost of investment and could lead to higher yields.
The Nomura report also suggests a "New Coke" under an LBO, estimated at $50 billion, would have a market capitalization four times the current $180 billion.
At the time, the Heinz deal last February was the largest deal in the food industry's history at $28 billion, including debt. 3G's holdings include the largest beer company in the sector, InBev.
Coke is Buffett's second-largest investment with a 9 percent stake, and the legendary investor was on the board of the company until 2006. His son became part of the board in 2010.
In June, Buffett had criticized money manager David Winters' suggestion that Coca-Cola be taken private.
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Last week, the beverage's poor third-quarter results and the market downturn cost Buffett about $1 billion.
CNBC's Ben Berkowitz contributed to this report.
