Pepsico

PepsiCo Inc.’s stock (PEP) was down by 0.7% in premarket trading on Tuesday after J.P.Morgan analyst Andrea Teixeira downgraded the soft drink and snack giant to neutral from buy and cut its price target to $176 a share from $185 a share. “We don’t see anything fundamentally wrong with PEP and continue to have confidence that the company is well positioned to deliver on its 2024 outlook,” said Teixeira. “That said, we see the magnitude of upward estimate revisions as narrowing and see better opportunity within beverages.” Teixeira said Pepsi has been a “model of consistency” with “a lot of positive changes” by Chief Executive Ramon Laguarta, but the company appears to have left “limited room for positive surprises” on earnings. J.P.Morgan sees better opportunities with overweight-rated Coca-Cola Co. (KO) and Keurig Dr Pepper Inc. (KDP), Teixeira said.

Jefferies analyst Kaumil Gajrawala initiates coverage on PepsiCo (NASDAQ:PEP) with a Buy rating and announces Price Target of $203.

Barclays analyst Lauren Lieberman maintains PepsiCo (NASDAQ:PEP) with a Overweight and raises the price target from $179 to $181.

PepsiCo (PEP) is expected to see another year of price-led revenue growth in 2024 after delivering an earnings beat amid a challenged market backdrop in Q3 of 2023, Wedbush said in a note to clients Wednesday. The investment firm kept its outperform rating and $195 price target on the company. The beverage company issued a preliminary outlook for 2024, implying a revenue growth of 5% and per-share earnings growth of 8%, according to the note. “While expectations were for volume to become a more meaningful contributor to topline growth as trends normalize, a move towards portion control and smaller pack sizes will likely result in another year of price-led revenue growth,” Wedbush analysts said. Wedbush adjusted its 2023 estimates to EPS of $7.54 from $7.47 and to revenue of $91.68 billion from $91.81 billion. For 2024, it raised its forecast to EPS of $8.08 from $7.96 and to revenue of

RBC Capital analyst Nik Modi reiterates PepsiCo (NASDAQ:PEP) with a Sector Perform and maintains $180 price target.

Morgan Stanley analyst Dara Mohsenian maintains PepsiCo (NASDAQ:PEP) with a Equal-Weight and lowers the price target from $210 to $190.

PepsiCo (PEP) reported fiscal Q3 core earnings Tuesday of $2.25 per diluted share, up from $1.97 a year earlier. Analysts polled by Capital IQ expected $2.15. Net revenue for the quarter ended Sept. 9 was $23.45 billion, up from $21.97 billion a year earlier. Analysts surveyed by Capital IQ expected $23.41 billion. The company said it now expects fiscal 2023 core EPS of $7.54, up from its prior guidance of $7.47. Analysts surveyed by Capital IQ are looking for $7.48. Organic revenue for the fiscal year is still projected to grow 10%, the company said. Additionally, the company said it expects to deliver results in fiscal 2024 that are near the upper end of its long-term target ranges for organic revenue and core constant currency EPS growth. The company also said that its long-term target ranges for organic revenue growth, which is expected to be 4% to 6%, and core

We lower our 12-month target by $15 to $210, based on a 2025 P/E of 24x, versus its 5-year mean forward P/E of 24.4x. We raise our adjusted EPS estimates by $0.10 to $7.60 for ’23, by $0.05 to $8.10 for ’24, and introduce ’25 at $8.75. PEP posts Q3 adjusted EPS of $2.25 vs. $1.97 (+16%), well ahead of the $2.15 consensus. Net revenue rose 6.7% to $23.45B ($50M above consensus) on robust organic revenue growth of 9%. As detailed in our Thematic report, (Beverages: Have Price Increases Reached the Point of Demand Destruction?), aggressive price increases are beginning to hurt volumes, as PEP’s beverage volumes were flat and food/snack volumes fell 1.5%. PEP raised full year EPS guidance to $7.54 from $7.47, implying 11% growth from the $6.79 earned in ’22. Incredibly, PEP has posted a quarterly earnings miss only once since 2009. We think recent softness in

PepsiCo Raises 2023 Core Constant-Currency EPS Growth View to 13% From 12%。

PepsiCo Raises FY23 EPS Outlook, Sees Adj. EPS of $7.54 ($7.47 Prior) Vs. $7.48 Estimate。