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NEW YORK ( TheStreet) -- With Pepsico ( PEP) reporting strong earnings today, sending its shares up 5%, Jim Cramer told Debra Borchardt at TheStreet.com Thursday he's still a fan of the beverage maker. Cramer said the restructuring efforts Pepsi began several years ago are now coming to fruition. The company is both cutting costs while seeing strong growth overseas. He noted that the company's Quaker and Mountain Dew brands are on fire in places like China, India and Russia, while Frito Lay is strong in Brazil and elsewhere in the world. Cramer said his only problem with Pepsi has become the stock's valuation. He said that he struggles with Pepsi's frothy valuation, but in a market where balance sheets are king and value stocks appear perpetually stuck in the mud, sometimes investors need to pay up for the great companies. That said, Cramer advised using caution when buying Pepsi. To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here. -- Written by Scott Rutt in Washington. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC