Morgan Stanley lowered the firm’s price target on PepsiCo (PEP) to $168 from $185 and keeps an Equal Weight rating on the shares. The firm highlighted muted organic sales growth with lingering North America softness, albeit solid international trends, and muted overall OSG seemingly reflected in the “depressed” valuation. The analyst believes the lower price target is appropriate given PepsiCo’s deteriorating U.S. market share trends and the potential need to fund additional investment.
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