date:Jul 29, 2013
Beverages, we remain concerned about the long-term volume declines. Based on our Beverage Buzz survey, we believe Coca-Cola has been more promotional recently in an effort to drive volume share gains.
While PepsiCo has been able to offset volume declines with pricing, this strategy may fall apart if Coca-Cola maintains its heavy promotions, which we suspect could accelerate if PepsiCo volume declines and lead to the acceleration of negative top-line growth.
Ms. Herzog maintained a market perfo