PepsiCo cuts profit outlook: TD Cowen targets PepsiCo stock at USD 133

Published on 10/14/2026 at 10:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q3 revenue reached USD 25.27 billion, up 5.60 percent year over year. PepsiCo stock costs EUR 113.75 on October 14, 2026 versus EUR 113.42.

Results and valuation

PepsiCo lowered fiscal 2026 core earnings growth guidance to 2.50 percent to 3.50 percent on October 8, 2026.
Third-quarter net revenue reached USD 25.27 billion, up 5.60 percent year over year.
PepsiCo stock traded at EUR 113.75 at 10:06 a.m. CEST at Lang & Schwarz on October 14, 2026, 0.29 percent above the Xetra close of October 13, 2026.
TD Cowen cut its target from USD 145.00 to USD 133.00 on September 28, 2026.

Fotorealistisches Bild eines dunklen Erfrischungsgetränks mit Eiswürfeln in einem klaren unmarkierten Glas, warme Hintergrundbeleuchtung und Holztheke — PepsiCo US7134481081 zeigt ein eisgekühltes Cola-Getränk in einem generischen Glas auf dunkler Holztheke, Illustration mit AI erstellt.

PepsiCo (ISIN US7134481081) was trading at EUR 113.75 at Lang & Schwarz on October 14, 2026 at 10:06 a.m. CEST, 0.29 percent above the Xetra close of October 13, 2026 at EUR 113.42. On October 8, 2026, PepsiCo cut fiscal 2026 core earnings per share growth guidance to 2.50 percent to 3.50 percent from the low end of its previous 5.00 percent to 7.00 percent range. TD Cowen also cut its target from USD 145.00 to USD 133.00 in a September 28, 2026 note, according to The Stock Observer.

Three dated operating milestones

PepsiCo's fiscal second-quarter 2026 results were released on July 9, 2026, with revenue of USD 24.18 billion, according to Moomoo. The October 8, 2026 third-quarter release reported net revenue of USD 25.274 billion, up 5.60 percent from the prior-year quarter, and adjusted earnings per share of USD 2.34 versus USD 2.29 expected, as CNBC reported.

The same release showed GAAP operating profit of USD 4.260 billion in the third quarter of fiscal 2026, up 19.00 percent year over year, while core operating margin fell 35 basis points to 16.90 percent. That combination matters: reported profit benefited from favorable comparison effects, while the underlying margin still faced cost and mix pressure.

What the guidance cut means

PepsiCo raised its fiscal 2026 net revenue growth outlook to approximately 6.00 percent from a previous 4.00 percent to 6.00 percent range, but the profit outlook moved in the opposite direction. The company also reduced core constant-currency earnings per share growth guidance to 1.00 percent to 2.00 percent from the low end of 4.00 percent to 6.00 percent, according to the October 8, 2026 release.

International operations supplied the stronger operating backdrop in the third quarter. CNBC reported that international operations accounted for 41.00 percent of revenue year to date, while North American beverage volume declined 2.00 percent and North American food volume was flat. The contrast explains why the revenue beat did not prevent a lower full-year profit outlook.

Price and analyst context

TD Cowen kept a Hold rating while cutting its price target to USD 133.00 from USD 145.00 on September 28, 2026. The September 28 note cited pressure on consumer affordability and weaker North American conditions, while later coverage placed the average 12-month target at USD 145.50 across 20 analysts, with 14 Holds, five Buys and one Sell, according to MarketBeat on October 13, 2026.

PepsiCo's market capitalization was USD 173.9 billion as of October 13, 2026, while its primary-market 52-week range was USD 123.47 to USD 171.48. The valuation debate therefore rests on whether international growth can offset slower North American volume and the lower profit-growth trajectory.

PepsiCo stock stays near its yearly low

At Lang & Schwarz, PepsiCo stock was trading at EUR 113.75 at 10:06 a.m. CEST on October 14, 2026, 0.29 percent above the Xetra close of October 13, 2026 at EUR 113.42. The primary listing is on NASDAQ, where the finance quote showed USD 127.30 at 8:00 p.m. UTC on October 13, 2026.

The further course of trading is shown by the continuously updated real-time quote of PepsiCo stock.