It's a more disciplined market (no new crazy comers like in Brazil). Basically you have two competitors: Indega (Panamco) and Ardila Lulle (local brands and Pepsi). Margins are not incredibly high but there are no price wars or drastic increases in marketing expenses. Panamco would love that all its markets were like the Colombian market: stable, profitable, oligopolic. However, room for growth is limited given that they took over 100% of Coke's operations and market share is already quite high.
Still think that latest upgrade was a catalyst. Calls some attention to PB at a time when people are leary of the U.S. market and weakness in the techs, especially. PB's retaining most of yesterday's gain despite overall weakness in the market. And, as you said, volume is up.
Yeah OK, maybe someone actually reads Oppenheimmer research (I don't). Be aware guys that this Sunday there will be parlamentary elections in Colombia and they could be messy (read news today about massive military losses yesterday). Colombia is 25% of PB's revenues. Keep in mind that PB is a macroeconomic play given the extremely close correlation between per capita consumption of carbonated drinks and GDP. My advise is that you should add to your positions in case there is any temporary weakness in PB.