[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio8122e78f":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio8122e78f","小摩：百事(PEP)北美业务困局未解，下调评级至“中性”，目标价降至138美元","\u002Fdoc\u002Fdcio8122e78f","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，鉴于咸味零食部门表现疲软，叠加运输压力和令人失望的北美趋势，摩根大通的Andrea Teixiera预计百事公司(PEP)将更加依赖生产效率来实现其全年每股收益指引。然而，这恐怕不足以抵消北美市场的疲弱，Teixiera在报告中将百事公司评级从“增持”下调至“中性”，并将目标价下调19%至138美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>她表示“盈利预期后续大概率继续下修，面对当前多重压力，投资者或将静待预期回归合理水平，才会重新转向乐观。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Teixiera承认，得益于有利天气以及FIFA世界杯赛事带来的红利，百事国际业务今年表现良好。但剔除这些非经常性利好因素后，北美业务的实际表现大概率仍不及管理层预期，尤其是菲多利北美业务(FLNA)尽管对原料与包装配方进行调整，并采取降价策略，仍未能有效拉动销售额增长。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>此外，百事食品北美业务(PFNA)的任何改善似乎在很大程度上取决于宏观经济状况，而非任何内部驱动的催化剂。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Teixiera表示“第一季度之后，业务复苏势头似乎已经停滞。”因此，她将2027财年每股收益预期从9.05美元下调至8.86美元，将2028财年每股收益预期从9.57美元下调至9.33美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>利好的一面是，当前估值(15倍市盈率)基本与行业同行持平，股价进一步下行空间有限。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Teixiera指出“我们认为，如果管理层能够展现出FLNA销量更持续的改善——类似第一季度——并且能够在未来几年以稳健的利润率结构持续实现低个位数的有机销售增长，那么估值重评是可能的。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>百事公司将于10月8日美股盘前公布第三季度业绩。在此之前，Teixiera已将有机销售增长和每股收益预期分别从+3.2%和2.31美元下调至+2.8%和2.29美元，以反映北美预期走软、跟踪渠道数据弱于预期以及消费者逆风，部分被国际市场的增长所抵消。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]