Coca-Cola Stock Keeps Setting Records. I'm Still Not Buying It.

Coca-Cola stock has surged 37% in 2026 to record highs near $96, but the author argues the gains far outpace earnings growth. While the company raised its 2026 earnings forecast by only 3% since February, the stock has risen 25% in that period. Trading at 29x forward earnings—the highest valuation in five years—the author believes the stock is overvalued and would only consider buying at around $80, representing a 17% discount.