Bernstein analyst Callum Elliott upgraded PepsiCo to Market Perform from Underperform saying the firm’s sell thesis on the shares was "wrong." Through the pandemic, Pepsi has delivered the strongest organic growth across mainstream U.S. staples, the analyst tells investors in a research note. And what’s more, the firm now sees signs of improvement in beverages. It also expects ongoing growth of Celsius to help with truck utilization rates, boosting margins.
Published first on TheFly
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