JP Morgan downgrades the snacks and beverages giant Pepsico to Neutral from Overweight and cuts the price target to USD 138 from USD 170.
The bank believes that the recovery in North America has stalled while costs are increasing.
Earnings per share forecasts are cut to USD 8.86 for 2027 and USD 9.33 for 2028.
On Monday, Deutsche Bank downgraded Pepsico to Hold from Buy and cut the price target to USD 138 from USD 155.
