PEP - PepsiCo Shines Amid Volatility: Analyst Consensus Points To Solid Earnings But Volume Growth Concerns Linger | Benzinga
Beverage giant PepsiCo Inc (NASDAQ: PEP) reported third-quarter FY23 results yesterday, with sales growth of 6.7% year-on-year to $23.45 billion, beating the analyst consensus of $23.43 billion. Adjusted EPS of $2.25 beat the consensus estimate of $2.15.
RBC Capital analyst Nik Modi maintained the Sector Perform Rating and the price target of $180.
The analyst said PEP over-delivered in the quarter as expected, and momentum was enough to raise bottom-line guidance.
According to the analyst, Volumes were shy of consensus expectations in Lat AM, PBNA and FritoLay NA, despite which PEP delivered strong segment margin performance and high-quality consolidated earnings.
Despite broader concerns regarding the impacts of GLP-1 drugs, so far PEP has seen negligible impacts to the business, noted the analyst.
With pricing over-delivery in the quarter, guide implies softer overall ...