Coca-Cola Has 'Accelerated Growth Potential,' Wells Fargo Says

In a report published Thursday, Wells Fargo analyst Bonnie Herzog commented on a recent investor meeting with

management team and came away "incrementally more positive" in its ability to drive accelerated top-line growth. The analyst detailed four key takeaways from the meeting: 1. The bulk of productivity and cost savings will be reinvested to drive growth with "some incremental upside potential" to its $3 billion target. 2. Increased media spend could boost top-line growth. 3. Price and pack architecture will drive pricing power. 4. The company's equity stakes in both

and

provides another avenue for growth. "Despite the challenging macro environment, we are encouraged by Coca-Cola's ability to drive incremental share gains and net price realization through its increased media spend and best-in-class price/pack architecture," Herzog wrote. Shares are Outperform rated with a valuation range of $46 to $48 per share.