Pepsico (PEP) PT Lowered to $200 at Jefferies

Jefferies analyst Kaumil Gajrawala lowered the price target on Pepsico (NASDAQ: PEP) to $200.00 (from $210.00) while maintaining a Buy rating.

The analyst said: "Pepsi is not immune to the snacking slowdown. We lower Frito '24 sales to +2% (Street +2.5%). An uptick in promo activity (with positive lift) indicates Pepsi is feeling some pressure with '24 starting to look more like a consolidation year. We still like the business as prices are unlikely to revert to pre-inflation levels, underwriting a margin story (flat since '22). Shares at 18x FY2 P/E vs. ~23x 5Y avg is an opportunity."

You May Also Be Interested In

• Phoenix Education Partners (PXED) PT Lowered to $32 at Jefferies
• Northland on SolarEdge (SEDG): 'Storage remains a bright spot for the Company'
• Airbnb (ABNB) call put ratio 1 call to 1.3 puts into quarter results