Deutsche Bank Maintains 'Hold' on PepsiCo (PEP) on More Cautious Fundamental Outlook
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Deutsche Bank maintains a 'Hold' on PepsiCo (NYSE: PEP). Price target lowered from $77 to $70.
Deutsche analyst says, "PEP's strong track record and balance sheet flexibility provide comfort it will meet 3Q expectations. However we see more downside risk than likelihood of out-performance, due to weak US beverage sales, soft c-store traffic, declining macro environment in key non-US markets, and elevated input costs. We maintain our 3Q EPS estimate of $1.09 (consensus $1.08). We are lowering our 2009 EPS estimate from $4.11 to $4.00 based on weaker US beverages and slowing emerging markets. DCF declines from $77 to $70, which takes our target P/E from 19x to 17.5x. Maintain Hold given proximity to target and a more cautious fundamental outlook."
PepsiCo, Inc. manufactures, markets, and sells snacks and beverages worldwide. It operates through four divisions: Frito-Lay North America, PepsiCo Beverages North America, PepsiCo International, and Quaker Foods North America.
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