PepsiCo widely expected to cut 2024 sales outlook, says Barclays

Barclays lowered the firm’s price target on PepsiCo to $186 from $187 and keeps an Equal Weight rating on the shares as part of a Q3 earnings preview. The company is widely expected to have to cut its fiscal 2024 organic sales guide from the current 4% outlook in light of “what clearly remains a tough backdrop” across the U.S. and a “more subdued” contribution from the international footprint than had been the case through early 2024, the analyst tells investors in a research note. The firm expects discussion of Frito-Lay North America will continue to dominate next week’s report, but says the lack of meaningful progress at PepsiCo Beverages North America has made this segment also topical in recent weeks.