JPMorgan downgraded PepsiCo to Neutral from Overweight with a price target of $176, down from $185, in conjunction with the firm’s 2024 Year Ahead Outlook. While the firm doesn’t see” anything fundamentally wrong” with Pepsi and has confidence that the company is well positioned to deliver on its 2024 outlook, the analyst sees the magnitude of upward estimate revisions as narrowing and sees better opportunity within Beverages.
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