PEP PEPSICO INC
Price Chart
Executive Summary
On December 10, 2025, JP Morgan upgraded PepsiCo (PEP) from Neutral to Overweight, raising the price target from $151 to $164, in a cluster of 11 firms that acted on the stock. JP Morgan has a 55% accuracy rate on 5,703 calls with a 5.6% average return, ranking above average among covering firms. Consensus is heavily mixed: 45% Buy (13 of 29 analysts), 52% Hold, and 3% Sell. The mean price target is $172, implying 8.5% upside from the current $158.49, but JP Morgan's new target of $164 sits below both the mean and median, signaling a less bullish view. Earnings revisions are divergent: current-quarter EPS has seen 14 downward revisions in 30 days, while next-quarter revisions are slightly positive (+7 up vs -6 down). Insider selling persists — CFO Laguarta sold $4.68M in March 2026 — and short interest stands at 57.3% of volume, indicating heavy bearish positioning. Institutional activity is mixed: Norges Bank initiated a $3B position, but Renaissance trimmed 43% and Elliott trimmed 68%. The upgrade is a modest bullish signal, but the cross-currents suggest a wait-and-see approach until price confirms above $160.
Impact Score
Consensus & Targets
Among 29 analysts covering PEP, 3 are Strong Buy, 10 are Buy, 15 are Hold, and 1 is Sell. That yields 45% bullish (13/29), 52% neutral, and 3% bearish. The consensus leans hold-dominated, with a significant minority of buyers.
The mean price target is $172, median $173, high $195, and low $130. Current price of $158.49 implies 8.5% upside to the mean. JP Morgan's new $164 target is 4.6% below the mean and 5.2% below the median, reflecting a more conservative outlook relative to the average analyst.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-04-20 | Barclays | maintain | Equal-Weight | $158.00 |
| 2026-04-17 | JP Morgan | maintain | Overweight | $178.00 |
| 2026-04-17 | Evercore ISI Group | maintain | In-Line | $170.00 |
| 2026-04-14 | Barclays | maintain | Equal-Weight | $154.00 |
| 2026-04-07 | UBS | maintain | Buy | $186.00 |
| 2026-03-30 | Deutsche Bank | maintain | Buy | $169.00 |
| 2026-03-12 | Piper Sandler | maintain | Overweight | $181.00 |
| 2026-02-20 | TD Cowen | maintain | Hold | $165.00 |
| 2026-02-04 | Citigroup | maintain | Buy | $182.00 |
| 2026-02-04 | JP Morgan | maintain | Overweight | $176.00 |
No upgrades or downgrades in the last 30 days — only maintain actions. EPS revision trends: current fiscal year (0y) shows 8 upward revisions in 7 days but 8 downward in 30 days, net flat. Current quarter (0q) had 14 downward revisions in 30 days, a bearish signal. Next quarter (+1q) had 7 up and 6 down, slightly positive. Estimates are under near-term pressure.
Firm Track Record — JP Morgan
JP Morgan accuracy: 55% on 5703 calls | avg return: 5.6%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 12 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| B of A Securities | 80% | 4/5 | 2.3% | top tier |
| Citigroup | 80% | 4/5 | 3.5% | top tier |
| Morgan Stanley | 80% | 4/5 | 0.9% | top tier |
| Piper Sandler | 75% | 3/4 | 8.6% | top tier |
| UBS | 67% | 2/3 | 3.2% | top tier |
| TD Cowen | 67% | 2/3 | -5.3% | top tier |
| Wells Fargo | 57% | 4/7 | 1.8% | above average |
| RBC Capital | 57% | 4/7 | -2.2% | above average |
| JP Morgan | 55% | 6/11 | -1.5% | above average |
| Barclays | 53% | 9/17 | -0.9% | above average |
JP Morgan has a 55% accuracy rate on 5,703 scored calls with an average return of 5.6%, placing them above average among firms covering PEP. On PEP-specific calls (11 scored, 6 correct), their accuracy is 55% with a -1.5% avg return. Best-performing firms on PEP: B of A Securities (80% on 5 calls), Morgan Stanley (80% on 5), Piper Sandler (75% on 4). Worst: Deutsche Bank (0% on 3), Jefferies (29% on 7).
Earnings Estimates
Next earnings: Jul 15, 2026
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0y | $8.66 | $8.54 — $9.55 | $98.9B | ↑8 ↓0 |
| +1q | $2.44 | $2.39 — $2.60 | $25.0B | ↑10 ↓0 |
| 0q | $2.23 | $2.16 — $2.55 | $24.0B | ↑0 ↓0 |
| +1y | $9.15 | $8.93 — $9.33 | $102.0B | ↑9 ↓0 |
Cross-Platform Signals
Insider trades: two major sells — CFO Ramon Laguarta sold $4.68M and Eugene Willemsen sold $624k in March 2026. Congressional activity: two sells by Sen. Whitehouse and one buy by Rep. Letlow. Institutional changes: Norges Bank initiated a $3B position (but also filed an exit — possibly two funds); Renaissance trimmed 43%, Two Sigma doubled, Elliott trimmed 68%. Short interest is 57.3% of volume, indicating heavy bearish sentiment. This divergence — a bullish upgrade against insider selling and high short interest — suggests caution.
Actionable Insight
JP Morgan's upgrade adds a positive catalyst, but the bearish cross-signals from insider sales and heavy short interest argue against chasing. Wait for a decisive close above $160 with increasing volume before initiating or adding to longs.
Documents Analyzed
Report based on filing metadata.
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 31, 2026
9d ago
|
ANALYST-UPGRADE
| $149.68 $150.02 | ▲ +0.23% | ▲ +2.58% | $140.68 (−6.01%) |
|
May 22, 2026
18d ago
|
8-K
| $144.16 $141.96 | ▼ −1.53% | ▼ −2.74% | $140.68 (−2.42%) |
|
May 1, 2026
5w ago
|
ANALYST-UPGRADE
| $149.68 $150.02 | ▲ +0.23% | ▲ +2.58% | $140.68 (−6.01%) |
|
Mar 27, 2026
10w ago
|
DEFA14A
| $156.80 $153.21 | ▼ −2.29% | ▼ −6.59% | $140.68 (−10.28%) |
|
Mar 2, 2026
14w ago
|
Insider Cluster
| $167.22 $161.46 | ▼ −3.44% | ▼ −2.24% | $140.68 (−15.87%) |
US Market Status
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