Deutsche Bank analyst Steve Powers upgraded PepsiCo (PEP) to Buy from Hold with a price target of $184, up from $179. The firm is becoming more positive on non-alcoholic beverage names. The firm believes PepsiCo’s “ample” productivity and cost flexibility should present a “cushion” to forward earnings while still allowing investments to drive sequential improvement. Deutsche expects targeted pricing and other commercial investments to yield “snowballing returns” alongside improving consumer confidence and immediate consumption spending in 2025.
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