Jefferies Cuts Price Target on Pepsi (PEP) to $122; Reiterates Buy
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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."
Shares of Pepsico closed at $107.76 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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