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CFRA Downgrades Pepsico (PEP) to Buy on 'near-term concerns related to slowing earnings growth'

February 9, 2024 8:16 AM

CFRA analyst Garrett Nelson downgraded Pepsico (NASDAQ: PEP) from Strong Buy to Buy with a price target of $210.00 (from $200.00).

The analyst commented: "The beat was driven by a lower-than-expected tax rate, as net revenue fell 0.5% to $27.85B ($520M short of consensus) as volumes fell across both the Convenient Foods (-3%) and Beverages (-2%) categories...We lower our opinion to Buy, reflecting near-term concerns related to slowing earnings growth ('24 growth should be about half the Y/Y rate achieved in '23) and volumes are likely to remain challenged by consumer pushback to product price increases."

For an analyst ratings summary and ratings history on Pepsico click here. For more ratings news on Pepsico click here.

Shares of Pepsico closed at $173.85 yesterday.

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