-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们维持对百事可乐(PEP)的12个月目标价为185美元，基于2027年20.1倍的市盈率，该市盈率较百事可乐五年平均预期市盈率22.4倍存在合理的折让。我们维持对百事可乐2026年和2027年调整后每股收益(EPS)的预期分别为8.65美元和9.20美元。鉴于百事可乐第一季度盈利超出预期，并重申了其2026年每股收益预期，我们维持“买入”评级。尽管基本面需求依然充满挑战，但我们认为食品销量增长(+4%)是一个重要的利好因素，这主要得益于欧洲、中东和非洲地区(EMEA) (+9%)和亚太地区(+9%)的增长。我们认为，百事可乐目前面临的挑战已被充分消化。值得注意的是，该股在2023年至2025年连续三年下跌，这凸显了其强劲的盈利记录以及管理层一贯保守的业绩指引。我们认为，百事可乐是一只被低估的蓝筹股，身处一个不受市场青睐的行业，目前股价极具投资价值。此外，我们认为，激进股东Elliott Management施加的压力可能会促使百事可乐更加注重运营。
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