PepsiCo's Mixed Outlook: Hold Rating Amid Growth Prospects and Market ChallengesWe are Equal-weight PEP with corporate fixes underway and undemanding valuation, but sustained pressure points (weak US snacks category trends, and FLNA/PBNA market share pressure). We hosted a Zoom meeting post 3Q results with Pepsi's EVP and CFO Jamie Caulfield and SVP of Investor Relations, Ravi Pamnani. We detail key takeaways from our meeting below: Growth: PEP reiterated that it has visibility into robust 4Q EPS growth (mid-teens implied by guidance vs down slightly yoy in Q3) driven by a ramp-up in productivity, topline re-acceleration in general and particularly in international beverages, more favorable FX, and lower corporate expense.