John Faucher says there's still room for a portfolio to grow in beverages and personal care.
The JPMorgan senior analyst favors companies with significant international exposure -- but he has his reservations about bottlers.
"The highly-profitable convenience- and gas-store volume -- those 20-ounce bottles you see out there -- those are down, because people are spending more money on gas," he told CNBC.
So what names does he like?
"Right now, we still think some of the bigger, multinational names that are still putting up teens earnings growth -- a Colgate, a Pepsi, a Coke (Coca-Cola) -- the valuations, again, are at 15- to 20-year lows right now, solid dividend yields, good visibility...volatility surrounding some emerging markets, but at these prices, we think it's more than priced in," he said.