PepsiCo’s Q3 results ‘mixed’, focus shifting to 2025, says Goldman Sachs

Goldman Sachs keeps a Buy rating and $192 price target on PepsiCo after its Q3 earnings. The results were “mixed” as strong gross margin expansion and cost control efforts more than offset topline growth, the analyst tells investors in a research note. Expectations heading into Q3 were admittedly low, dragged by ongoing investor concerns over weak scanner data in PBNA segment and some skepticism over the feasibility of guidance, though while these concerns broadly came to fruition in the form of a Q3 topline miss and tempered organic sales growth guidance, investor focus has already shifted to 2025, which seems to be setting up as a bounce-back year, the firm added.