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Forecasters are split on whether President Donald Trump’s tariff campaign will push the economy into a recession, with many seeing increased risks.

That’s according to the 57 economists who responded to a Wall Street Journal survey in April. The poll showed that, on average, the forecasters predicted a 45% chance of the economy going into a recession in the next 12 months, up from 20% the last time the poll was taken in January.

The economic outlook worsened significantly in February when Trump started announcing tariffs against U.S. trading partners. Many forecasters have changed their expectations that the U.S. would experience a “soft landing” from the post-pandemic surge of inflation to bracing for a downturn as the tariffs and other economic headwinds force businesses and households to reduce their spending.

One expert laid out the reasons she expects a recession, another why a downturn is unlikely.

The Argument That A Recession Is on the Horizon

Among the most pessimistic is Amy Crews Cutts, an independent forecaster, who said she was 99% confident of a recession taking hold within a year.

Several recent surveys have supported Cutts’s expectations that a recession is on the horizon. One was a survey of small business owners by the National Federation of Independent Businesses. Over the course of several months, the owners’ moods went from elation at Trump’s election victory to uncertainty about the impact of tariffs. An index measuring optimism plunged since January.

A separate survey of business financial professionals showed that businesses were having a harder time getting paid by clients in recent months, suggesting financial stress building among the companies that keep the economy running. The National Association of Credit Managers’ Credit Managers’ Index, which Cutts oversees, showed the economy was still expanding in March but at a slower pace than before.

Cutts was especially alarmed by remarks managers made in the open comment section of the survey, indicating they had seen an uptick in small businesses simply closing shop without declaring bankruptcy.

Cutts also noted that Trump’s on-again, off-again tariff announcements have wreaked havoc on businesses that import goods from overseas, especially because the import taxes have not exempted goods “on the water” or already being shipped, meaning that some businesses could find themselves scrambling to cover unexpected costs. Canceled orders and financial stress could translate into an economic slowdown and job losses.

Turbulence in financial markets could also influence the economy. People whose stock portfolios have suffered are less likely to make purchases, possibly throwing sand into the gears of the main engine of the U.S. economy, consumer spending. Cutts said that damage has been done even if the punishingly high tariffs are eventually negotiated down or called off.

“Even if I flipped a switch and tomorrow and said, ‘Sorry, joke’s on me, it all goes away,’ it will take us several quarters to unwind the damage that’s already happened,” she said. “So, for me, that says recession.”

Why A Recession Might Not Happen

On the other end of the spectrum is Allen Sinai of Decision Economics, who gives only a 20% chance of a recession in the next 12 months. That’s an increase from the 10% chance he saw in January, but still a relatively remote possibility.

Chief among Sinai’s reasons for optimism is the job market, which has stayed consistently resilient ever since bouncing back from the mass layoffs caused by the COVID-19 lockdowns. The unemployment rate was 4.2% in March, not far from historic lows and nowhere near indicating an economic downturn.

“We’re fully employed right now,” he said. “The jobs count is fine.”

Sinai also sees green flags in data about consumer spending, the pillar of the economy, responsible for 68% of the gross domestic product. Retail sales soared in March, recovering from a dip in January and a lukewarm February, although economists attributed some of the surge to people racing to make purchases before tariffs drive up prices.

A main point of contention between recession optimists and pessimists is what to make of consumer sentiment data. Consumer surveys show that people have been increasingly worried about inflation, the health of the job market, and their own financial situations in recent months. If people pull back on spending, it could spell trouble for the economy.

However, that shoe has yet to drop, and in the meantime, Sinai sees few signs that either the financial system or the job market is buckling.

“It takes financial trouble in the system to shut off funds or the jobs market caves for one reason or another,” he said.

Consumers may say they are worried about the direction of the economy, but March’s retail sales report shows that didn’t keep them from spending.

U.S. retail sales in March jumped by 1.4% over the prior month, as Census Bureau data showed consumers rushed out to buy cars, building materials and sporting goods. It’s the biggest monthly increase since January 2023.

“We got a much stronger retail sales report than we have seen in a long time,” said Scott Anderson, chief U.S. economist at BMO Economics. “Tariff front-running clearly helped lift retail sales to a whole new level of growth last month.”

The strong results come amid a weak start of the year for the retail sector, which saw sales unexpectedly decline in January and rebound only modestly in February. 

As Expected, Auto Sales Lead March Increases

Economists expected to see an increase in sales last month as consumers moved to make big-ticket purchases in advance of tariffs that will likely create significant price increases.

Much of the 5.3% monthly jump in automobile sales in March likely came after President Donald Trump announced tariffs that will likely push up car prices, including a 25% tax on all automobile imports.

“Some households are getting major purchases in before tariffs bite,”  wrote Wells Fargo economists Tim Quinlan and Shannon Grein. “Vehicles are moving off dealer lots faster than at any time since the post-pandemic demand surge earlier this decade.”

Report Shows Consumers Still Willing to Spend

While consumers working to get ahead of tariffs accounted for some spending, economists said the report showed there was still underlying strength in retail sales. Despite recent sentiment surveys that showed growing pessimism over the state of the economy, consumers are still willing to spend.

“Once again, consumer spending is managing to avoid the gravitational pull of all the negative dynamics that might otherwise hold it back,” Wells Fargo’s economists wrote.

Taking out automobile purchases, retail sales rose a more modest 0.5%, down from February but better than expectations. Sales also rose despite a steep decline in gasoline station transactions as fuel prices remained low. Plus, economists were encouraged to see a 1.8% increase in restaurant and bar sales.

Wells Fargo said it was a key signal that “while spending may be slowing, consumers have not gone into hiding when it comes to discretionary spending.” 

However, Sales Could Still Slow as Tariffs Take Hold

The report covers sales before President Donald Trump’s April 2 announcement of “reciprocal” tariffs, which created more market volatility and further deteriorated consumer confidence.  

Consumer spending makes up two-thirds of the U.S. economy, making retail sales a key indicator of ongoing strength. Strong consumer spending helped boost the economy when analysts were anticipating a recession in 2023 that ultimately never emerged.

However, some economists are questioning whether consumer spending can maintain its strength in the face of continued uncertainty surrounding tariffs. 

“We may see another month or two of strong retail sales, but frontloading will eventually end,” Nationwide Financial Markets Economist Oren Klachkin. “Looking ahead, consumers are set to face an array of challenges that will make it hard to sustain robust spending.”

Prospective homebuyers face significant challenges in the modern housing market, from rising home prices and limited inventory to stubbornly high interest rates. As a result, a whopping 76% of consumers believe it’s a bad time to buy a home.

In such a challenging market, your network can provide a much-needed advantage, helping you secure valuable referrals and uncover hidden opportunities. Let’s explore how to make the most of your personal and professional connections during your house-hunting journey.

Opportunities Your Network Can Open Up

Traditional house-hunting methods—like partnering with a local real estate agent and browsing public listings—can help find you a home, but they may not always lead you to the best opportunities. Agents who don’t have a personal connection to you may not prioritize your needs, and public listings often bring stiff competition.

Your personal and professional connections could be the key to unlocking more—and potentially better—options. Here are some of the most significant homebuying opportunities your network can open up:

• Off-market listings: Also known as pocket listings, some properties for sale aren’t listed on the multiple listing service (MLS). These homes can offer benefits to buyers, such as lower competition and more room for negotiation.
• Reliable agents: Your real estate agent can make or break your house hunt, and personal recommendations often help you find the best ones. An agent from your network may work harder for you than one you have no relationship with.
• Local insights: If you’re looking to buy in a new area, connecting with locals can help you gain a better understanding of the neighborhood through their perspective on matters like safety, schools, and new developments.
• Seller goodwill: A connection to a home seller or their agent can create goodwill. That may help you beat out other offers, negotiate more easily, and secure more favorable terms, such as a flexible financing arrangement or lower price.

Networking Tips for Your House Hunt

Here are some tips to help you leverage your social network in your house hunt.

Publicize Your Journey

Start by letting people know you’re looking for a home and asking them to reach out if they come across any opportunities that might be a good fit. Mention it in conversations with your friends, family, and professional acquaintances. If appropriate, consider bringing it up during casual interactions in your current or target neighborhood.

Social media can also help spread the word. In addition to announcing the start of your journey, post regular updates about your search, such as what you’re looking for or challenges you’re facing. That may encourage your network to engage with your efforts and increase the chances of someone providing valuable insights or recommendations.

Expand Your Network

Your existing network is a great place to start your house hunt, but broadening your connections can unlock even more opportunities. Consider attending real estate networking events or investor meetups in your target area. These types of gatherings may put you in contact with agents, brokers, investors, and homeowners, who could have valuable insights or leads.

Digital platforms can also help expand your network. Join local Nextdoor groups, where members discuss their neighborhoods, including events like home sales. Specialized forums like BiggerPockets and real estate communities on platforms like Facebook and Reddit can be another great source of opportunities.

Engage on Social Media

Don’t stop at connecting with or following new people on social media. Actively engage with their content—especially real estate-related posts—by liking and leaving thoughtful comments. That increases your visibility and helps establish you as a serious buyer. The more familiar your name becomes, the more likely people are to think of you when they come across a relevant opportunity.

In addition to interacting with public content, initiate direct conversations. For example, if an agent or seller posts about a listing that appeals to you, reach out to express your interest and request more details. Even simply reaching out to a real estate professional for advice—such as their opinion on market trends or a specific neighborhood—can help you build rapport and may develop into an opportunity. 

Mine Relevant Hashtags

Monitoring real estate hashtags can be an efficient way to sift through social media content. Private sellers and real estate agents often use tags on platforms like Instagram and TikTok to market their listings. Search for general real estate terms—such as #OffMarketListing, #PocketListing, or #ForSaleByOwner—to discover homes that may not be on the MLS yet.

Localized hashtags can help refine your search. For example, if you’re looking for a home in your favorite neighborhoods of Austin, you could combine hashtags like #SouthCongress or #EastAustin with your generalized hashtags to produce results that align with your ideal location.

Look for Underutilized Groups

It’s easy to focus on close friends, family, and real estate agents, but you may be missing valuable networking opportunities. Think outside the box and try to find knowledgeable people you might have overlooked.

For example, consider reaching out to:

• Recent homebuyers: Those who recently bought a home often have valuable insights. For example, they might recommend quality properties that didn’t quite work for them or connect you with an agent who gave them exclusive deals.
• Property managers: Property managers oversee multiple rental properties and may know when landlords struggle to turn a profit or start to consider selling. They could alert you to potential off-market opportunities.
• Home service professionals: Contractors, landscapers, and house cleaners work directly with homeowners and often know when a client is preparing to sell. Like property managers, they could offer early insight into upcoming listings.
• Local business owners: Community-facing professionals like coffee shop owners and barbers interact with many residents daily. They often hear about people planning to move and may provide useful tips or connections.

The Bottom Line

Your social network can be one of your most valuable assets when searching for a home. By making your intentions known and expanding your connections—including to groups others may overlook—you can uncover hidden opportunities, such as off-market listings or agents willing to bring you exclusive deals.

In addition to discussing your house hunt in person, share your journey on social media and engage with others in online real estate spaces. Stay visible and involved so your network keeps you in mind when promising opportunities arise. That may give you the edge you need in today’s competitive homebuying market.

Nvidia (NVDA) said it expects to take a $5.5 billion charge in its fiscal 2026 first-quarter results after the U.S. limited exports of its artificial intelligence (AI) chips to China.

The news, the latest salvo in an escalating trade war between Washington and Beijing, sent the firm’s shares tumbling roughly 6% in premarket trading Wednesday.

The company said in a regulatory filing late Tuesday that it was informed by the U.S. government on April 9 that it would be required to have an export license “for the indefinite future” to sell its H20 chips to China. Nvidia said the license requirement is aimed at addressing the risk that the chip would be “used in, or diverted to, a supercomputer in China.” The chip is less powerful than its newer ones and tailored to meet existing export limits for the Chinese market.

Nvidia’s Q1 results, which are expected May 28, are set to include the $5.5 billion charge “associated with H20 products for inventory, purchase commitments, and related reserves,” it said. According to Morningstar Research, “China has shrunk to about 10% of Nvidia’s revenue from 20%, and we now expect it to go to close to zero.”

The New York Times reported that a spokesman for the U.S. Commerce Department said “that the administration was issuing new export licensing requirements for the Nvidia H20; a chip from Advanced Micro Devices, the MI308; and their equivalents.” AMD (AMD) shares also were down about 6% in premarket trading.

CORRECTION-April 16, 2025: This article has been corrected to note the U.S. Commerce Department has also imposed export controls on AMD’s sales of its AI chips in China. 

Consumers, businesses, and even the prospects for U.S. manufacturing are all likely to become casualties in the escalating trade war between the U.S. and China, trade experts say. 

Last week, the president shifted tariffs to temporarily take some of the pressure off of other countries while punishing China, which has retaliated against the U.S. with tariffs of its own. As of Monday, China faced a tariff of 145% on its products, with a temporary reprieve for electronic devices.

Economists predicted the trade war between the world’s two largest economies would have serious consequences for American consumers and workers.

The Price of Import Taxes

The tariffs, which started this month, could quickly increase the prices shoppers see at popular online and brick-and-mortar retailers.

“Most of the things you might see on the inside of the store at a Target or a Walmart or on Amazon, I think we would expect significant price increases pretty immediately,” said Christopher Conlon, an associate professor of economics at the Stern School of Business at New York University.

Clothing, toys, and plastic items with small electronics in them (such as vacuums, toasters, and small appliances) will likely be among the first products to see immediate price increases. Conlon estimated about 50% to 60% of Amazon’s offerings would be affected, and many would rise by about the same amount as the tariffs.

Conlon had some advice for consumers that economists don’t usually give: it might make sense to buy certain items before prices go up.

“If you have the cash on hand and you’re really worried about buying some of these things, it might not be the worst idea to stock up on them,” he said, noting that big-ticket items that last a long time, like appliances, would make the most sense to buy now. “The big caveat is, of course, next week, we could be having a completely different conversation about tariffs because this situation is evolving very quickly.”

Will the Cost Be Worth It?

Eventually, manufacturers could adapt to the tariffs by moving production out of China to countries like Vietnam or Mexico, which have lower tariff rates, at least for the time being, Conlon said.

But could all the short-term pain result in long-term gain? The tariffs are meant to restore U.S. manufacturing to its glory days after WWII, when America, not China, was the world’s factory, by encouraging businesses to set up plants in the U.S. rather than abroad.

There are a few obstacles standing in the way of that outcome, said Sina Golara, assistant professor of supply chain and operations management at Georgia State University’s Robinson College of Business.

For one thing, even as high as the tariffs are, it still might be more cost-effective to manufacture many things in China than in the U.S., Golara said. Companies hoping to set up in the U.S. would have to not only build a factory but also replicate the infrastructure and supply networks that have been built up over decades. On top of that, U.S. workers are paid more than their Chinese counterparts, adding to production costs.

“The cost gap is so much that even tariffs being as high as they are today would still not make it expensive enough to be worth moving everything to the United States,” Golara said.

In addition, the tariffs themselves are an obstacle because they make it more expensive for a factory located in the U.S. to import parts and materials from other countries.

What Is The Best Outcome From This Trade War?

Another headwind for the U.S. economy is that China has some leverage to harm American consumers and companies with its own trade policies.

China could cut off imports from U.S. companies and stop exports of certain important minerals used in advanced manufacturing, of which China is the main or only supplier, Conlon said.

Experts said the best possible outcome of the showdown for the economy would be if both sides reached a deal to lower tariffs on one another. However, the sprawling nature of Trump’s trade war complicates that task, as does the pattern of on-again, off-again tariff announcements.

“There’s another case where you engage in a war, and then you just dial back half of your tariffs,” Golara said. “In that case, you’re really hurting everyone, except you’re hurting everyone else a little bit more … it’s kind of like a mutual destruction tool.”

The states with the cheapest 30-year mortgage refinance rates Monday were California, New York, Texas, Florida, Utah, Alabama, and Georgia. The seven states registered averages between 6.98% and 7.20%.

Meanwhile, the states with the highest Monday refinance rates were Alaska, West Virginia, South Dakota, Kentucky, South Carolina, Montana, Washington, D.C., and Wyoming. The range of 30-year refi averages for these states was 7.29% to 7.35%.

Mortgage refinance rates vary by the state where they originate. Different lenders operate in different regions, and rates can be influenced by state-level variations in credit score, average loan size, and regulations. Lenders also have varying risk management strategies that influence the rates they offer.

Since rates vary widely across lenders, it’s always smart to shop around for your best mortgage option and compare rates regularly, no matter the type of home loan you seek.

National Mortgage Refinance Rate Averages

Rates for 30-year refinance mortgages dropped 8 basis points Monday to a 7.23% national average—reversing course after surging 40 basis points over the previous week. Friday’s 7.31% reading was the highest average for 30-year refi rates since July 2024.

Last month, in contrast, 30-year refi rates sank to 6.71%, their cheapest average of 2025. And back in September, 30-year rates plunged to a two-year low of 6.01%.

Netflix can survive an uncertain economic environment, according to Oppenheimer’s bullish analysts.

The bank on Monday reiterated its Outperform rating for Netflix (NLFX) shares. The stock, aided by a news report discussing the streaming giant’s plans to continue growing, has jumped today. Bank of America analysts, meanwhile, reiterated their own bullish rating and target.

Oppenheimer analysts ahead of Netflix’s next round of quarterly results, due later this week, said the company should be insulated from the effects of tariffs and economic unease. Consumers tend to value television more highly during recessions when they spend more time at home, the analysts wrote. Meanwhile, Oppenheimer wrote, Netflix’s latest round of price increases has already arrived, meaning it has “been digested” by consumers.

The investment bank’s $1,150 price target is among the highest on Wall Street, above the mean target of $1,097, according to Visible Alpha. Most of the analysts tracked by Visible Alpha have “buy” or equivalent ratings on the shares, which were recently up about 6% to roughly $988.

Bank of America reiterated a “buy” rating and $1,175 target, citing “ample runway for continued growth driven by further subscriber additions along with more monetization opportunities (both via pricing and advertising) and a significant ramp in operating income.”

Netflix is slated to report its 2025 first quarter earnings on Thursday.

Shares of major U.S. banks surged after Bank of America (BAC) and Citigroup (C) became the latest lenders to report better-than-expected first-quarter earnings on the back of a stock-trading boom.

Bank of America shares were up 4.5% Tuesday afternoon, while those of Citi were 3.8% higher. Both banks were among the top gainers on the S&P 500. The benchmark index’s financial services sector was its best performer in recent trading.

The KBW Nasdaq Bank Index (BKX) was more than 2% higher in recent trading. Morgan Stanley (MS) and Goldman Sachs (GS) were both up around 2%. Shares of JPMorgan Chase (JPM), one of the world’s largest banks, were little changed.

Comments from Bank of America CEO Brian Moynihan on the company’s earnings call noting that the U.S. economy is on a solid footing despite the turmoil around President Donald Trump’s tariffs also lifted investor sentiment. Concerns of a looming recession and a spike in inflation have mounted in recent weeks since Trump began launching tariffs on U.S. trading partners.

Citigroup CEO Jane Fraser said Tuesday that she believed the U.S. will remain the “world’s leading economy.” She also said she was bullish about the prospects for the U.S. dollar, which is on track to have its worst two-month stretch since 2002.

“When all is said and done, and longstanding trade imbalances and other structural shifts are behind us, the U.S. will still be the world’s leading economy, and the dollar will remain the reserve currency,” Fraser said.

After emerging under the hashtag #NoBuy on TikTok in 2024, a growing counter-movement to relentless consumerism has formed under the banner “No-Buy 2025.” Taking off from a mix of economic pessimism, environmental concerns, and academic insights on overconsumption, this movement is challenging the culture of perpetual buying and spending.

David Tenerelli, a certified financial planner at Values Added Financial Planning, told Investopedia that most people are facing “systemic headwinds” financially because of major spikes in college and housing costs, inflation more generally, and the significant economic shocks of the past two decades.

Within this context, it’s no surprise that what began as a minimalism movement among Gen-Z on social media like TikTok and Reddit Inc. (RDDT) has evolved into a broader social phenomenon, with participants pledging to limit their spending to only essential items throughout the year while avoiding discretionary purchases entirely.

What’s Driving the ‘No-Buy’ Pledges

The No-Buy 2025 challenge has resonated particularly with younger generations, given their economic anxiety. Consumer confidence is much lower than in the pre-pandemic period. Then there’s the “proliferation of social media and the resulting widespread status orientation, overconsumption, and the mental health challenges” that can result, Tenerelli said.

The movement offers a shift away from this overconsumption, with some participants mentioning climate change and global inequities as among the reasons for taking the pledge. “No-Buy” participants say they’ve also discovered the fun of free activities like visiting parks and libraries, as well as using items that fell by the wayside when they were constantly shopping.

10 Tips for ‘No-Buy 2025’

Tenerelli suggested a good way to get started is to identify and define your values, all to better align your spending with them. You can also help yourself succeed by checking your spending and making it as concrete as possible.

“Where are you spending your money—really, each dollar? And then start to translate your purchases into actual hours worked, and determine whether each purchase is worth it in terms of fulfillment, nourishment, and value,” he said.

Here are ways you might find more success once you’ve decided to take the pledge:

1. Define clear, personalized rules: Decide which categories are off-limits (clothing, beauty products, home decor) and which are allowed.
2. Create a “why” document: Document the values or motivations behind taking the pledge and hold yourself accountable. Review these when temptation strikes.
3. Find an accountability partner: Connect with others attempting the challenge or join online communities like r/nobuy (67.5K+ members) to get help with your struggles and share your victories.
4. Track your progress: A calendar with stickers, a spreadsheet that calculates savings, or a dedicated journal to document your progress will all do.
5. Delete shopping apps and unsubscribe from retail emails: Get rid of the spending triggers from your digital environment.
6. “Shop your stash”: Before you buy something, inventory what you own—do you need it?
7. Use a waiting period: For any non-essential purchase, add it to a list with the date. Revisit it after 30 days and see if you still want it.
8. Replace shopping with free activities: Develop hobbies that don’t require spending, like hiking, reading library books, or “shopping” your own closet for new outfit combinations.
9. Redirect savings immediately: Move money you would have spent into a separate high-yield savings account, CD, or investment portfolio to prevent it from being spent too easily.
10. Practice mindful consumption: When you need to buy something, do your research, buy quality items that last, and ensure they align with your values and long-term needs.

Wallets Closed, Eyes Open: Potential Drawbacks

The No-Buy 2025 movement could have drawbacks, both personally and economically. Overly restrictive spending rules might backfire with eventual “spending binges” that exceed what would have been spent otherwise. An all-or-nothing approach can create unhealthy relationships with money, replacing overconsumption with obsessive austerity.

Some people may feel socially isolated when they can’t join friends and family for activities that involve spending, which can be a problem for important relationships. Some participants could develop anxiety around any spending, even on necessities, making a more balanced approach of mindful consumption potentially more sustainable for many.

Lastly, there are the broader economic effects: Consumer spending accounts for nearly 70% of U.S. GDP, and widespread adoption of no-buy principles would affect employment in the retail and service sectors and tax revenues for local and state governments. Small businesses, which often operate on thin margins and depend on steady customers, may be particularly vulnerable.

The Bottom Line

“No Buy 2025” is more than just a call for cutting one’s spending—it is a reflective campaign urging consumers to consider the long-term implications of their buying habits on the environment, social equity, and their financial stability. While there are potential drawbacks, getting “on track for a more sustainable relationship with money,” Tenerelli said, can help you see it’s not an end in itself, but a “tool for achieving a deeper life satisfaction.”

One of PepsiCo’s (PEP) bigger believers has “blinked,” downgrading the soda-and-snack maker’s shares. 

Bank of America’s research team could no longer find reasons to support its “buy” rating, analysts wrote in a research note Tuesday. They slashed their price target from $185 to $155, citing market share losses in the company’s North American drink business and snack unit, Frito-Lay; the old target was one of the highest tracked by Visible Alpha.

“After having been asked repeatedly by investors since the beginning of the year ‘why are you still a buy on [Pepsi]?’ we have run out of answers and are downgrading to Neutral,” the note said. The team’s new price target is about 6% above where shares closed Monday, but 4% below the mean as tracked by VisibleAlpha.

Pepsi shares slipped 3.5% Tuesday to around $143, putting them down about 15% over the past 12 months.

Frito-Lay raised prices on products, which include Lay’s, Doritos and Cheetos, beyond wage growth, leading to fewer sales by volume, Bank of America said. Snack sales have slowed as working-class consumers cut back on spending at convenience stores and gas stations, the note said.

Pepsi’s drink list, which includes Pepsi, Mountain Dew and Gatorade, hasn’t adapted with changing tastes, the note said. The company hasn’t made a “serious entry” in the flavored carbonated soft drink and energy drink categories or gained traction in the low-sugar space, the analysts said. (Pepsi recently announced plans to buy the probiotic soda brand, Poppi, which has less sugar than traditional sodas.)

“These are large and powerful brand franchises which are ultimately ‘turnable’; doing so under current market conditions however will be a steep climb,” the note said.