Maintain KO position at $87.05 with HOLD rating as the P/E at 26.14x sits 12-15% above historical norms, creating unfavorable entry-point arithmetic despite best-in-class margins (34.9% operating, 28.6% net, 42% ROE), $5.1B quarterly FCF, and supportive Goldilocks macro conditions. Permit a measured 25-33% starter add at current levels while preserving staged limit-buy orders at $86.40 and $82.40, with stop tightened to $83.40 (≈2 ATR) and reassessment at the August 12 CPI print or clean breakout above $90.92.