The key debate around PepsiCo remains on 2025 and whether its investments on value and promotions can lead to an acceleration in organic sales growth, particularly at Frito, while still driving earnings per share growth on algorithm, Citi analyst Filippo Falorni says in a research note. The beverage giant should see a gradual improvement in organic sales growth to 2.7% in 2025 from 2% in 2024, with slightly below-algo 2025 earnings per share growth on reinvestment, Falorni says. Citi raises its 2024 EPS estimates to $8.14 from $8.10 previously, and its 2025 EPS views to $8.55 from $8.50.