Goldman Sachs Downgrades Pepsico (PEP) to Neutral

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Goldman Sachs downgraded Pepsico (NYSE: PEP) from Conviction Buy to Neutral with a price target of $74 (down from $83). The firm now expects lower North American beverage profit as "intensified competition from Coca-Cola (NYSE: KO) and a tough macro environment has led to softer-than-expected price realization."

The firm lowered 2011/2012/2013 to $4.43/$4.84/$5.29 to reflect a lower profit outlook in Pepsi Americas Beverages on weaker price realization.

For more ratings news on Pepsico click here and for the rating history of Pepsico click here.

Shares of Pepsico closed at $65.76 yesterday, with a 52 week range of $62.05-$71.89.

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