PepsiCo ( NASDAQ:PEP )
On Wednesday, PepsiCo ( NASDAQ:PEP ) reported its quarterly profits to the public, and the results were met with widespread praise from Wall Street analysts. As a result, Pepsi stock surged in the market today.
PepsiCo ( NASDAQ:PEP ) is headquartered in New York and reported third-quarter earnings before the market opened on Wednesday, above expectations thanks to a rise in snack sales and steady expansion in its main beverage division. The results were robust even though inflationary pressure and foreign currency effects were high. CEO Ramon Laguarta announced an increase of 2% in both EPS and sales projections in light of the positive surprise.
Strong earnings raised confidence on Wall Street, where analysts had previously been generally optimistic about the company.
Such financial institutions as Evercore ISI, Bank of America, and Morgan Stanley have all praised the firm for its pricing power in the face of persistent inflation.
We reaffirm our Buy rating and $190 price target on Pepsi stock following the clean beat as stronger price/mix with modestly worse volume bodes well,” Bryan Spillane, an analyst at Bank of America, said to clients on Wednesday. According to our research, Pepsi stock improved market position and pricing power justify the 22.9x premium they charge compared to its non-alcoholic beverage peer average.
Seeking Alpha writer Justin Purohit echoed this sentiment, noting that the beverage industry...
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