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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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.
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