Is there fizz left in the beverage stocks? UBS analyst Kaumil Gajrawala thinks so.
"The reality is, these are fairly recession-proof companies, and they're likely to continue to put up good numbers," he told CNBC. "They've not missed any so far."
"On the Coca-Cola side, this is a company where 80 percent of its business is outside of the United States," he said. "It's benefiting from trends such as urbanization. ...If growth were to slow...a couple of percentage points, it won't have an impact overall."
And Coca-Cola is not alone.
"On the PepsiCo side, this is a food company," he explained. "Arguably, (it's) one of the best-executing food companies in our coverage, and when you look at the benefits of snacking, and the trading up, and you look at commodity costs and concerns, this is a company that's been able to offset, through cost programs, through productivity, through pricing, a lot of that risk and it's continuing to hit (its) numbers."
Coca-Cola is a client of Gajrawala's firm.
Gajrawala and his family own shares of PepsiCo, which has compensated his firm for non-investment banking and non-securities services.