Analysts at Deutsche Bank provided their outlook on The Coca-Cola Company (NYSE:KO) ahead of the company’s Q1 results, expected to be reported on April 25.

Despite arguably greater exposure to FX volatility, geo-political/Omicron disruption (by virtue of its global footprint, inclusive of Russia/Ukraine and China), and unsettled questions in the background surrounding its tax liability case, the analysts believe the company continues to be a favored defensive name among investors—given its generally favorable exposure to direct cost inflation, advantaged pricing power via its incidence pricing model, ample sources of productivity, and strong cash flow permitting shareholder-friendly capital returns.

Net of all the above, the analysts believe the company remains in a strong position to reiterate its 2022 outlook (5-6% adjusted EPS growth, despite macro obstacles), especially in light of topline momentum.