We estimate a $86.82 price for PepsiCo, which is roughly 5% below the current market price. However, we are currently in the process of incorporating the latest quarterly results into our forecasts. See Our Complete Analysis For PepsiCo North America Sparkling Volumes Continue to Fall While PepsiCo's still beverage portfolio grew 1% in North America this quarter, the sparkling unit witnessed 2% decline in volumes. This decline is in line with the trend of contracting soda volumes in the domestic market as consumers look to avoid high-sugar and calorie fueled CSDs. Soda sales fell by 3.2% year-over-year to less than 13 billion gallons last year, capping-off the ninth consecutive year of decline in sales. Dollar sales of CSDs further fell by almost 3% in the twelve weeks ended April 12 in measured channels.