(NASDAQ: PEP) just announced another strong earnings report, which Wall Street promptly shrugged off. The snack and beverage company beat sales expectations and raised its outlook for a second straight time while boosting profitability in the process. And yet the stock remains an underperformer so far in 2023.

Is Wall Street right to be avoiding this business right now, or is PepsiCo a compelling buy at these prices? Let's dive right in.

There wasn't much to complain about in Pepsi's mid-July earnings update. Organic sales were up a surprisingly strong 13%, marking only a modest slowdown from the prior quarter's 14% surge. Through the first half of the year, that metric is sitting at a heathy 14%. "We are pleased with our performance for the second quarter as our business momentum remains strong," CEO Ramon Laguarta said in a press release.

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Source Fool.com