Pepsico (PEP) PT Raised to $124 at Cowen Following 2Q Report
Cowen raised its price target on Pepsico (NASDAQ: PEP) to $124.00 (from $120.00) while maintaining a Outperform rating following the company's 2Q earnings report. PEP reported 2Q18 EPS of $1.61, ahead of consensus, as the company posted continued strength in FLNA and a sequential improvement in NAB.
Analyst Vivien Azer continues to be impressed by the portfolio balance exhibited at FLNA, which is ultimately fueled by embracing evolving consumer preferences. Ruffles grew 10%, while Doritos grew 6%, helped by the launches of Mozzarella & Marinara and Blaze, respectively.