Deutsche Bank Maintains 'Buy' rating on PepsiAmericas (PAS), Lowers Price Target and FY09 Earnings Outlook
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Deutsche Bank maintains a 'Buy' rating on PepsiAmericas (NYSE: PAS). Price target lowered from $32 to $27
Deutsche analyst says, "We are slightly lowering our FY09 EPS estimate from $2.05 to $2.00 and our target from $32 to $27. We have lowered our estimates for Europe, from 8% growth to 6.3%, on lower
volume and currency. We maintain a Buy rating given our conservative estimates and valuation, 35% upside to our price target, and the long-term growth opportunity still present in Eastern European markets."
PepsiAmericas, Inc. manufactures, distributes, and markets beverage products in the United States, central and eastern Europe, and the Caribbean.
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