“Thankfully, they’re not buying any chicken, Coke, or Pepsi, so there's a little bit of an offset right now,” Schmitz said, citing the names of companies and goods that might be negatively impacted by a rise in commodities and raw materials.
Nonetheless, the Deutsche Bank analyst holds “buy” recommendations on both Coca-Cola and PepsiCo, mentioning fundamental factors working in favor of the latter.
“There’s been a terrific change of heart at Pepsi,” Schmitz said, citing a ramp-up in advertising buys and a $2.3 billion promotion deal the company recently signed with the NFL. “The good dynamic here on the beverage side is guys are kind of getting along and playing nicely for the first time in a while. I think they want to make more money.”
Regardless of how football-related sales turn out, surging corn prices — fueled by the drought that ravaged crops across the U.S. this summer — could come back to haunt some companies, the analysts said.
“Corn in the whole grain complex is up about 40 percent,” Feeney said, noting that made him cautious on chili giant Hormel. “That kind of whip-around is hard on a company and could pressure earnings where volumes are not up to snuff. I think that's true of other food package companies as well.”
—By CNBC.com’s Javier E. David
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Deutsche Bank owns Coca-Cola stock, and conducts investment banking for them. Janney Montgomery Scott makes markets in the stock of Kroger's.