Jefferies Cuts Price Target on Pepsi (PEP) to $122; Reiterates Buy

September 30, 2016 7:56 AM EDT
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Price: $102.36 -0.37%

Rating Summary:
    14 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 37 | New: 34
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Jefferies maintained a Buy rating on Pepsico (NYSE: PEP), and cut the price target to $122.00 (from $124.00), following the company's 3Q earnings report. PEP’s $1.40 in EPS came in 6% ahead of the Street's estimate on a strong topline 4.2% org sales vs. 2.7% estimates.

Analyst Kevin Grundy commented, "We continue to recommend PEP following a strong 3Q, which included "signs of improvement" in EMs (+8% in qtr), strength at FLNA, as well as upside in NA Bevs. Following 3.7% org sales growth YTD (vs. staples ~3.5%), PEP is well positioned to deliver on its 4% guide for the year and we see ~2-3 pts of potential upside to PEP's upwardly revised FY16 EPS guide. Edging up FY16-18 EPS est., PEP remains a core holding. PT to $122 on a lower group multiple."

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 $107.76 yesterday.

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