PepsiCo To Release 3Q Results On 10/7

JP Morgan has published a research report for PepsiCo Inc. PEP which is expecting 3Q results this Thursday, October 7. In the report, JP Morgan writes "We think PEP should hit our estimate, which is at $1.21 and roughly in line with Bloomberg consensus. There could be upside to our number depending on how big the rebounds are in the two North American businesses. Furthermore, with PEP's disastrous corn hedges finally rolling off (we think), there could be gross margin upside. The company has guided for mid-teens growth in the back half of the year as comps are easier and benefits flow in from lower input costs due to the expiration of hedges. We expect total company sales to be about $15B. Fx should be a LSD headwind in the quarter." JP Morgan maintains its Overweight rating and $80 price target. PepsiCo closed yesterday at $66.87.