I think it’s worth noting, but our initial take is that it’s more about fine tuning than about a major change in opinion. He’s known as a long-term value investor.

We remain concerned about the company’s long-term outlook and management’s preparedness to address the challenges. Still, built-in expectations or valuation appear to be low, and 2006 should benefit from the structural elimination of Brazil and...

The company missed by a lot.

We’re seeing revenue stabilization in most key markets. We’re looking for evidence that that stabilization can turn into improving profit trends.

I think we see the power of some of the decisions they’ve made to be a total liquid-refreshment company,

The rate of consolidation is increasing, but it doesn’t seem to be increasing to the point where you’re going to have a Coke-Pepsi situation anywhere on the horizon.

Discounting is not working. They are sacrificing profitability and not getting volumes.

looks excessive for the right to own a loss-making, share-losing business.

We expect the [earnings] news [to] further the relief rally underway in the shares and therefore continue to recommend modest buying.

We are beginning to see early signs of an execution-focused turnaround that is working.

Peeling the onion, we are uninspired by the region results and particularly concerned about Japan.

Our upgrade is prompted by an assessment of free cash flow power that concludes the shares are below fair value. We expect the company to consistently meet or beat consensus EPS estimates in 2006.

Where there’s smoke, there’s fire,