Coca-Cola (KO) is scheduled to report results of its fiscal third quarter before the market open on Wednesday, October 25, with a conference call scheduled for 9:00 am ET. What to watch for: 1. GUIDANCE: On Coca-Cola’s second quarter earnings conference call, the company said it saw full year 2017 comparable earnings per share 2c higher than its previous guidance. In April, Coca-Cola had said it saw FY17 adjusted EPS to decline 1%-3% versus $1.91 in FY16. With its Q2 call in July, Coca-Cola also backed its FY17 organic revenue growth view of 3%. CEO James Quincey said, “Our performance gives us confidence that we will achieve our full year financial objectives even in the face of challenging conditions, and also demonstrates further success in evolving our portfolio to meet changing consumer tastes and preferences. While we are in a period of substantial transformation and change that is never easy, I am encouraged by the spirit of our people and partners as we reinvent the company for the future.” 2. ANALYSTS NEUTRAL AHEAD OF EARNINGS: In a note to investors on October 23, JPMorgan analyst Andrea Teixeira said that while Coca-Cola is likely better than its peers — most notably PepsiCo (PEP), which reported weaker than expected beverage performance earlier in the month — the company’s performance seems priced in and she maintained a Neutral rating on the stock. Similarly, in a research note by Macquarie analyst Caroline Levy from October 21, she said, “while we are very encouraged by the sales momentum in the U.S. and expect improvements in other markets like China, limited EPS growth and an already premium valuation keep us on the sidelines.” Levy maintained a Neutral rating and $47 price target. 3. MERGERS & ACQUISITIONS: On October 2, Coca-Cola acquired Topo Chico premium sparkling mineral water, and on October 4, Coca-Cola completed the transition of AB InBev’s majority interest in Coca-Cola Beverages Africa, or CCBA. Earlier in the quarter, The Deal opined that the time may be right for Coca-Cola to acquire Monster Beverage (MNST), which it already holds a nearly 17% stake in, with an industry banker saying it “would be the logical next step for both companies.” Earlier in August, the New York Post also speculated that Coca-Cola may be interested in buying Danone (DANOY). 4. LITTLE AMAZON IMPACT: BMO Capital analyst Kelly Bania said that sales of Coca-Cola’s core products probably won’t drop significantly due to competition from private labels following Amazon’s (AMZN) acquisition of Whole Foods, as Coca-Cola products “have high brand equity and low private-label penetration.”