Jefferies analyst Kevin Grundy lowered the price target on Pepsico (NASDAQ: PEP) to $181.00 (from $188.00) while maintaining a Hold rating following "safe and sound" EPS.

The analyst commented, "We edge our '22-24 EPS ests. higher, though trim our PT to $181 ($188 prior; lower market
multiple) post PEP's (+) 2Q. Underlying momentum remains (+) across snacks & bevs and reaffirmed FY22 EPS guidance (despite + org sales outlook) leaves flex to navigate volatility in 2H. We like the strategic direction at PEP, OM % oppty. at PBNA, and scale in current envt.; however, we await a better entry point w/ PEP trading at ~24x P/E (near parity multiple w/ KO)."