UPDATE: Deutsche Bank Raises Target to $72 on PepsiCo

Deutsche Bank reiterates its Buy rating on PepsiCo (NYSE: PEP) and raises its price target to $72 from $70 a share ahead of the company's earnings on Feb. 9.

Deutsche Bank says, "February 9th earnings release/analyst meeting looks to pack a lot of content into a short time frame. We include our previously published earnings preview herein, but meeting will be more about (i) level of advertising reinvestment; (ii) portfolio analysis and review and (iii) Csuite dynamics, with likely heightened responsibility for some. Company is going to be active with investors over the next few weeks, with meeting Thursday, non-deal roadshow thereafter and CAGNY presentation a few weeks later, suggesting they want to get the new message out."

PEP closed at $66.52 a share on Monday.