PepsiCo (NASDAQ:PEP) shares are inching upward today after the global beverage and food products behemoth announced better-than-expected second-quarter numbers.
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Revenue rose 10.4% year-over-year to $22.32 billion, outperforming estimates by $590 million. Additionally, EPS at $2.09 too comfortably landed past expectations by $0.13. The company is seeing a strong business momentum with major top-line gains in Frito-Lay North America, PepsiCo Beverages North America as well as Latin America and Europe divisions during the quarter.
Looking ahead, for fiscal year 2023, PepsiCo now expects a 10% organic growth in its top line. EPS for the year is now anticipated at $7.27.
Overall, the Street has a $196.27 consensus price target on PepsiCo alongside a Moderate Buy consensus rating. Shares of the company have steadily climbed nearly 8% over the past year.
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