Citi analyst Filippo Falorni lowered the firm’s price target on PepsiCo (PEP) to $170 from $195 and keeps a Buy rating on the shares following the Q4 report. PepsiCo’s North America results remained soft, driving the negative stock reaction, while international results were better than expected, the analyst tells investors in a research note. The firm continues to believe evidence of improvement in North America trends will be required to get any multiple improvement in the shares.
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