PepsiCo price target lowered to $186 from $212 at Argus

Argus lowered the firm’s price target on PepsiCo to $186 from $212 but keeps a Buy rating on the shares after its Q3 results. The company continues to generate solid growth amid weak demand for many consumer staples, and despite fewer orders from restaurants, theaters and stadiums, PepsiCo’s cost cutting is expected to continue to benefit earnings, the analyst tells investors in a research note. Investors will continue to favor the shares given the company’s ability to raise its dividend and deliver strong growth, the firm added.