NEW YORK ( TheStreet) -- A lot of questions were raised when shares of Pepsico (PEP - Get Report) recently reached a new 52-week high of $87.06. Not only did this elevate Pepsi's year-to-date gains to 30%, but Pepsi investors have begun to proclaim how their stock is now running laps around Coca-Cola (KO - Get Report), whose year-to-date gains have yielded "only" 15%.I say "only" in this manner because I don't believe in discounting double-digit gains in any market. While it is indeed impressive that Pepsi, a stock that I've long believed was undervalued, is now doing so well, I wouldn't get carried away here just yet. But I will say that I believe that Pepsi has earned the right to be in the "front-line" or on the marquee. To say it another way, I'm not ready to declare that Pepsi has passed Coca-Cola, but after looking at Pepsi's second-quarter earnings results, I don't believe that Pepsi is still playing second fiddle to its larger rival.
Is Pepsi Better Than Coke?
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