BofA Securities analyst remains optimistic about PepsiCo despite 3Q revenue miss and lowered 2024 outlook.

BofA Securities analyst Bryan Spillane remains optimistic about PepsiCo despite mixed third-quarter results, where revenue fell short of estimates. The company now forecasts low-single-digit organic sales growth for 2024, down from 4%, citing inflation and consumer shifts to cheaper brands. Despite these challenges, PepsiCo's adjusted EPS beat expectations, and analysts maintain a generally positive outlook, with a target price around $185.