CNBC's Jim Cramer backs upgrade of PepsiCo but warns weight loss drug risks could have a lasting impact.
CNBC's Jim Cramer backs Wall Street's upgrade of PepsiCo but warns that weight loss drug risks could have a lasting impact on the beverage and snacks giant. Shares of PepsiCo rose 4% in Monday morning trading on a bullish call from Morgan Stanley. The analysts upgraded the company to overweight from equal weight while naming the stock its overall "top pick" and leader in the beverage category.
"My only reservation" is GLP-1 risk, he added, referring to the emerging class of obesity and diabetes treatments that curb appetite. Morgan Stanley analysts did address GLP-1s in Monday research note, saying the long-term risk is real but manageable. They added this risk "seems more than priced in" to the valuation of PepsiCo stock.
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