PepsiCo, Inc. (Nasdaq: PEP) reported Tuesday second-quarter results highlighted by every segment showing positive growth for the first time in recent memory. Here is a summary of how some of the Street's top analysts reacted to the print.

The Analysts

RBC Capital Markets' Nik Modi maintains a Sector Perform rating on PepsiCo's stock with a $115 price target.

Wells Fargo's Bonnie Herzog maintains at Market Perform, unchanged $127 price target.

Bank of America's Bryan Spillane maintains at Buy, price target lifted from $135 to $142.

RBC: The Positives And Negatives

PepsiCo's earnings report includes a mix of positive and takeaways, Modi wrote in a note. On the positive front, the Frito Lay North America business remains a "bright spot" as it delivered high single-digit growth in the convenience store channel and recent momentum looks to be sustainable. Latin America saw a 4% volume growth, which is the strongest seen in more than five years.

On the other hand, Modi said the PepsiCo Beverages North America business struggled and is likely to continue doing so in the near-term. Europe was negatively impacted by weather and poor consumer sentiment from Brexit along with the impact from a soda tax.

Wells Fargo: Upside Versus Target 'Likely Limited'

As expected, PepsiCo's management maintained its plans to invest across multiple multiple business segments and products, Herzog wrote in a note. Management also left its 2019 targets unchanged, including 4% organic sales growth and EPS of $5.50 -- both of which remain achievable.

Upside versus 2019 estimates is "likely limited" for three reasons, the analyst wrote:

• Comparisons will become notably more difficult, including a 5% organic sales growth in the second half of the year.
• The company will lap multiple one-time gains from asset sales and insurance recoveries.
• 2019 is viewed by management as an investment year.

'Increased Confidence' In Outlook

PepsiCo's better-than-expected organic sales growth in the quarter should offer investors "increased confidence" in 4%-6% sales growth, 20-30 basis points of operating margin expansion, and a high-single-digit EPS growth in fiscal 2020, Spillane wrote in a note.

While management still has "work to do in some areas," the company showed organic sales growth across multiple regions and segments, the analyst wrote. This was made possible from a combination of shifting to become a more "consumer-centric" company and investing in the business. As such, current momentum seems sustainable and could expand to generate incremental profit growth in fiscal 2020.

Price Action

Shares of PepsiCo were trading higher by 1.4% Wednesday at $133.67.