PepsiCo: BofA lowers its price target

(CercleFinance.com) - Bank of America announced on Monday that it had lowered its price target for PepsiCo from E190 to E185, while maintaining its Buy recommendation on the stock.


In a research note, the intermediary explains that it has lowered its earnings forecasts for the group, for both fiscal years 2024 and 2025, in view of the persistent weakness of its snack and beverage sales indicators within distribution channels in the United States.

In his view, this weakness is particularly pronounced in convenience stores, which could lead to an adjustment of the targets set by the management team.

Ten days ago, analysts at Morgan Stanley had downgraded their recommendation on the stock to 'in-line weighting', expressing concern about the US food group's growth and market share losses, which they do not see benefiting from greater use of promotions.

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