It's topped out short term. Markets are due for a minor correction also. I'd give it at least a few days before you buy. You should get in $38.50- $38.75 easy. But we'll see. I think these guys downgrade more on technicals than fundamentals. Funny how the downgrades come after a top. Nothing wrong with KO per se.
The fundamentals say it's highly overvalued. Sure, technically it's near a high but they downgraded it because it VERY expensive given it's future growth. It's p/e is at the high end of it's 5 year range. A p/e of of 20 is VERY high for KO. Wait till all this data updates after the split and then you will see.