Investors have certainly been willing to pay more for the relatively
predictable streams of earnings from packaged food companies recently,
and that has left scant value in the sector. That PepsiCo (PEP)
still seems to have some value in it is likely a product of the fact
that not all analysts are completely sold on the idea that the benefits
of the company's recent restructuring will last over the long term.
While wasteful acquisitions and unsuccessful marketing initiatives may
loom as ongoing threats, these shares do seem to over some relative
value in the sector today.
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PepsiCo Looks Like A Relative Value In Its Sector
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