Deutsche Bank Maintains 'Hold' Rating on The Pepsi Bottling Group (PBG)
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Deutsche Bank maintains a 'Hold' on The Pepsi Bottling Group (NYSE: PBG), lowers price target from $37 to $34
Deutsche analyst says, "We are cutting our FY09 EPS estimate from $2.57 to $2.52 and our target from $37 to $34. We have lowered growth expectations across all regions, but the US has the largest impact. We reduce 2009 US revenue growth from 5% to 4% based on lower volume (0.5%), and Mexico (4.4%) and Europe (6%) on lower currency. We remain neutral on PBG given its heavy reliance on the US market where beverage growth is weakening amid high price elasticity, continuing commodity cost pressure, and slowing non-US outlook."
The Pepsi Bottling Group, Inc. manufactures, sells, and distributes Pepsi-cola beverages.
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