Deutsche Bank Upgrades Pepsico (PEP) to Buy

Deutsche Bank analyst Steve Powers upgraded Pepsico (NASDAQ: PEP) from Hold to Buy with a price target of $184.00 (from $179.00).

The analyst said: "We will be the first to admit that PEP faces a series of challenges. Momentum in North America has been lackluster across the board given volume softness in the profitable FLNA segment, persistent volume/market share weakness in PBNA, and lasting impacts from last year's QFNA production disruption. Moreover, momentum in PEP's International business (while still stronger) slowed versus expectations last quarter. However, at <20x no growth in FY24 EPS, we see such risks now as fully appreciated and more than adequately discounted."

For an analyst ratings summary and ratings history on Pepsico click here. For more ratings news on Pepsico click here.

Shares of Pepsico closed at $156.77 yesterday.

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