PepsiCo price target lowered to $171 from $182 at Jefferies

Jefferies lowered the firm’s price target on PepsiCo (PEP) to $171 from $182 and keeps a Buy rating on the shares after having co-hosted a fireside chat with CFO Jamie Caulfield. While “it seems it may be some quarters before we see a turnaround at Frito,” the international business should stay strong, and the resegmentation “feels logical, as does the reprioritization of beverages,” says the analyst, who thinks shares are “oversold” at current levels.