Wiltone Asuncion
4 min read
Key Stats for Coca-Cola Stock
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Current Price: $92.71
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Target Price (Mid): ~$108
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Street Target: ~$95
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Potential Total Return: ~17%
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Annualized IRR: ~4% / year
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What Happened?
The Coca-Cola Company (KO) closed at $92.71 on Friday, October 23, down 2.76% from its October 22 close of $95.34. October 22 was also the day it touched a 52-week intraday high of $95.37. No company-specific catalyst was reported. According to CNBC, the Dow fell more than 600 points as oil prices rose, and consumer staples, utilities and healthcare were all lower.
The pullback trims a 32.6% price gain since the end of 2025, ahead of third-quarter results on Tuesday, October 27, before the open. The last report showed where the pressure sits: India.
Asia Pacific Added the Most Volume and Lost Share to India
Second-quarter results for Asia Pacific:
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Volume: Unit case volume rose 8%, the most of any operating segment.
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Price/mix: Fell 9%. Coca-Cola attributed this primarily to unfavorable mix and affordability initiatives.
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Profit: Comparable currency-neutral operating income was even.
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Share: The company lost value share in nonalcoholic ready-to-drink beverages in the region, as gains in Japan and China were more than offset by a loss in India.
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First half: The segment’s comparable currency-neutral operating income fell 8%.
The longer record points the same way. In reported U.S. dollars, not adjusted for currency, Asia Pacific operating income fell from $2.325 billion in 2021 to $2.042 billion in 2025. Its revenue rose from $5.291 billion to $5.638 billion over the same years. By comparison, North America grew operating income from $3.331 billion to $5.070 billion, and Latin America from $2.534 billion to $3.742 billion.
Braun’s India Playbook Favors Volume Over Price
At Barclays’ Global Consumer Conference on September 9, Barclays analyst Lauren Lieberman asked CEO Henrique Braun what success in India looks like without overreacting to competitive pressures. Braun said the task is “how you don’t overreact to noise, but really act on the signals.” Speaking generally about a developing market, he said Coca-Cola “might lose share in one quarter here,” or face a rival pricing irrationally.
His prescription is the fundamentals: the right packaging architecture and brands, built on revenue growth management, and sticking to that plan. He added that seven of the top 10 brands in India are Coca-Cola’s, three of them local brands acquired in the past. If that plan keeps leaning on affordability, as the second quarter’s affordability initiatives suggest, Asia Pacific volume can keep rising while price/mix stays negative.
