Goldman Sachs Bumps Price Target On PepsiCo (PEP) Slightly Higher, Sticks With Neutral Rating

Goldman Sachs bumped its price target on Pepsico (NYSE: PEP) higher from $65 to $66 and tweaked FY2012E/FY2013E EPS to $4.65/$4.96 from $4.60/$4.92.

The change follows Q3 results Wednesday, which beat low expectations and had management commentary that was a bit more upbeat compared to a month ago.

The firm remains Neutral-rated on Pepsico saying it is prudent to expect some volume softness with accelerating pricing. In addition, they said 2012 is likely to be another sub-par growth year and forecast 2-3% FX-neutral EBIT growth in 2012. Pepsi also remained committed to their "Power of One," strategy, ruling out any break-up possibility in the near-term.

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

Shares of Pepsico closed at $62.70 yesterday.

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