Most investors viewed Elliott's approach as either too friendly to drive meaningful change or focused on unlikely initiatives such as re-franchising bottling operations. TD Cowen noted that investors recognized PepsiCo's current valuation as "unusually compressed," particularly when compared to its closest competitor Coca-Cola. However, at least one long-term investor believed this valuation gap was justified by Coca-Cola's successful franchisee model and potential structural headwinds facing the salty snacks category. Despite the skepticism, TD Cowen expressed a slightly more positive outlook on Elliott's proposals while acknowledging implementation challenges. The firm did not advocate for significant multiple expansion for PepsiCo shares. TD Cowen suggested PepsiCo stock might regain momentum if earnings forecasts stabilize after recent downward revisions, even without major strategic changes.