Citi lowered PepsiCo’s price target citing weaker snacking and North American beverage performance but maintained a bullish stance.
Citi reduced its price target for PepsiCo (NASDAQ:PEP) to $170 from $182 while retaining a Buy rating. The firm expects Q2 earnings per share of $2.18, below the $2.22 consensus estimate, due to challenges in its snacking segment and market share losses in North American beverages.
PepsiCo’s international business remains strong, offsetting some domestic weaknesses. Deutsche Bank also trimmed its target to $168 from $173 in June, noting early-quarter momentum before a late-April slowdown in consumption patterns.
The stock remains a top NASDAQ pick for long-term investors despite near-term headwinds.