These Analysts Raise Their Forecasts On PepsiCo Following Strong Q2 Results

PepsiCo Inc PEP reported better-than-expected second-quarter results and raised FY23 outlook.

PepsiCo reported second-quarter FY23 sales growth of 10.4% year-on-year to $22.32 billion, beating the analyst consensus of $21.73 billion. Adjusted EPS of $2.09 beat the analyst consensus of $1.96.

PepsiCo raised the FY23 organic revenue growth outlook to 10% (previous outlook 8%).

PepsiCo shares rose 0.2% to trade at $187.94 on Friday.

These analysts made changes to their price targets on PepsiCo following earnings announcement.

• Wedbush raised the price target on PepsiCo from $200 to $206. Wedbush analyst Gerald Pascarelli maintained an Outperform rating.
• Argus Research boosted the price target on PepsiCo from $206 to $212. Argus Research analyst John Staszak maintained a Buy rating.
• Deutsche Bank raised PepsiCo price target from $193 to $195. Deutsche Bank analyst Steve Powers maintained the stock with a Hold rating.
• Evercore ISI Group increased PepsiCo price target from $190 to $195. Evercore ISI Group analyst Robert Ottenstein maintained the stock with an In-Line.