''The company has pretty well tried to tell everyone that unless it takes a dramatic reversal, the new couple of quarters will be weak,'' he said.

Mr. Burry of Kidder, Peabody is more optimistic. He estimates that Coke will earn $4.25 a share this year and $5.10 next year. Coke's earnings in 1982 were $3.95 a share. Mr. Goldman's figures are $4.10 to $4.20 this year and $4.80 to $4.90 next year.

Mr. Burry's optimism is based on his belief that the growing number of middle-aged people brought up on soft drinks will be consuming more diet drinks because, he believes, these drinks taste better with aspartame formulations than with 100 percent saccharin sweetening.

In addition, an aspartame or aspartame-saccharin formula is less expensive than sugar or corn fructose, making diet beverages more profitable. These developments will reverse the declining growth rate of the industry, he says.

Another point in Coke's favor, Mr. Burry says, is that the dollar will weaken a bit in 1984.

Mr. Brenner of Lawrence says that soft-drink sales have been accelerating in the last month or two in most places. But because of the dollar problem and Latin American pricing, he said, ''over the next three months earnings growth will be sluggish indeed at a time when corporate America earnings growth will be peaking.''

Coca-Cola has said it plans to concentrate its resources in areas where returns are highest. It might move further into entertainment, Mr. Burry speculated, where it might seek home entertainment areas that could be supplied by software made by Columbia Pictures, which it owns.

Coke shares moved up last week when Mr. Burry added the stock to his purchase list. He recommended Coke in the high 40's and the stock climbed several points. It closed yesterday at 52 3/8, down 1/4.

Its high for the year is 57 3/8. Coke's shares moved down earlier this month when the company said its earnings would be reduced in the second half because of the dollar's continued strength.