PepsiCo Reports and Here’s How It Sees Q4

Action Alerts PLUS holding PepsiCo are rising in early market trading Tuesday following the company delivering a beat and raise September quarter. For 2023 the company lifted its core constant currency EPS growth to 13% from 12% and sees its 2024 revenue and EPS at the upper end of its long-term target ranges for both organic revenue (+4%-6%) and core constant currency EPS growth (high single digits). This speaks to our thoughts the weight loss drug selloff was overdone last week for both PEP as well as McDonald's shares.