Jim Cramer Sees Opportunity in Pessimism and Highlights These 12 Stocks

4. PepsiCo Inc. (NASDAQ:PEP)

Number of Hedge Fund holders: 69

Jim Cramer referenced PepsiCo Inc. (NASDAQ:PEP) after a surprise downgrade from Bank of America, which cited pricing pressures and declining beverage market share. Cramer viewed it as a warning about inflation’s impact on consumer staples. Here are his remarks:

“So out of nowhere, Bank of America, which has been a staunch supporter of PepsiCo, downgrades it, basically says snacks are too expensive. They’re losing share in beverages. Dave, when I read this, I said, this is the kind of thing that I’m most concerned about. These food companies have raised price, raised price, raised price. And then in the interim, it got too expensive. And they talk about the convenience store and working class people who can’t afford to get to buy things.”