Pepsico (PEP) PT Lowered to $161 at RBC Capital

RBC Capital analyst Nik Modi lowered the price target on Pepsico (NASDAQ: PEP) to $161.00 (from $163.00) while maintaining a Sector Perform rating.

The analyst commented: "Hard to Underwrite Stalled Progress; Overall mixed qtr. for PEP that still leaves investors waiting for signs of a sustainable turn. The intl. business remains impressive and a consistent bright spot, but the domestic business continues to fall short amid a more difficult consumer environment with affordability initiatives working in spots but yet to drive meaningful enough vol. lift to move the needle on org. revenue. Shares remain inexpensive on a historical basis, but still need to see domestic delivery. We lower our PT to $161 (from $163) and reiterate our Sector Perform rating."

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