PepsiCo’s 2Q results were soft as expected with weak volume trends in North America, leading to a lowered organic revenue growth outlook. Despite the cut not being major, it’s not de-risked, as it still implies a strong acceleration in the second half of the year that will be largely dependent on an improvement in the North America business, Citi analyst Filippo Falorni says in a research note. “Given U.S. scanner data trends remain soft, we expect investors will continue to question the implied second-half topline guidance and maintain a negative short-term view,” Falorni says.