What Analysts Are Saying About PepsiCo's Q1 Earnings?
Portfolio Pulse from Shivani Kumaresan
PepsiCo Inc (NASDAQ:PEP) reported Q1 FY24 sales growth of 2.3% year-on-year to $18.25 billion, surpassing analyst estimates of $18.079 billion. Adjusted EPS was $1.61, beating the consensus of $1.52. BofA Securities and Goldman Sachs both reiterated their Buy ratings, with price targets of $210 and $200, respectively. Analysts highlighted PepsiCo's pricing power, volume performance across regions, and strong brand portfolio as key strengths. Despite positive analyst outlooks, PEP shares dropped 2.36% to $172.30.
April 23, 2024 | 6:39 pm
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NEGATIVE IMPACT
PepsiCo surpassed Q1 FY24 sales and EPS estimates, with analysts from BofA Securities and Goldman Sachs reiterating Buy ratings and setting price targets of $210 and $200, respectively. Despite the positive analyst outlook and financial performance, PEP shares fell by 2.36%.
Despite PepsiCo's positive earnings report and favorable analyst ratings, the immediate market reaction was negative, leading to a short-term decline in stock price. This could be due to market expectations already pricing in the positive results or concerns over future growth prospects and operational challenges mentioned by analysts.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100