Deutsche Bank lowered the firm’s price target on PepsiCo to $179 from $180 and keeps a Hold rating on the shares. Exiting Q3, PepsiCo seems well positioned to finish fiscal 2024 with near-term earnings “firmly intact,” albeit with sales momentum now more diminished than previously expected, the analyst tells investors in a research note. The firm believes the “bad news” seems known and the stock seems to present a “free option” to the extent U.S. consumption data improves in response to further demand-building interventions from the company over the balance of fiscal 2024.
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