Deutsche Bank analyst Steve Powers says PepsiCo this morning reduced fiscal 2024 organic growth guidance more than expected to up low-single-digits versus buy-side expectations of up 3%. This implies likely lower fiscal Q4 core sales growth, the analyst tells investors in a research note. The firm expects a “degree of disappointment” following the Q3 report, barring new information on the earnings call. It keeps a Hold rating on PepsiCo shares.
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