Shares rose $1.38, or 5.6 percent, to close at $25.96 Wednesday.

Before the market opened, Coca-Cola Enterprises said it expects its earnings per share to be between 2 cents and 5 cents higher than analysts expected for the year, according to a poll by Thomson Financial.

The company said it raised its guidance mainly because of growth in Europe and lower operating expenses. A favorable tax outlook and expanded portfolio of products also led to the guidance boost.

Coca-Cola Enterprises also said both its revenue and operating income would grow in 2008.

"Management outlined a realistic and achievable fiscal 2008 plan," Lehman Brothers analyst Michael Branca said in a note to investors. "Indeed, we continue to believe that the numerous points of flexibility built into fiscal 2008 guidance will allow the company to handily surpass the targets it has laid out" for the year.

Branca raised his price target range to between $24 and $28 from between $23 and $27.