TD Cowen analyst Robert Moskow lowered the price target on Pepsico (NASDAQ: PEP) to $133.00 (from $145.00) while maintaining a Hold rating.

The analyst comments "We lower our EPS ests for FY26 and FY27 further below consensus and reduce our PT to $133/shr. A Bloomberg article quoting a management spokesperson indicates that the company will raise prices on chips, soda, and dips in 2027 to offset cost inflation. Management's shifting narrative on affordability and continued market share losses in the U.S. increase the risk profile for 2027, in our view."