UPDATE: Deutsche Bank Cuts Target to $70 on PepsiCo

Deutsche Bank reiterates its Buy rating on PepsiCo (NYSE: PEP) and lowers its price target to $70 from $72 a share on the company's depressed earnings base.

Deutsche Bank says, "After neglecting its core CSD and snacks brands to build out NutritionCo, manage earnings and consolidate US and European bottlers, company seems poised to reinvigorate the core, freeing up funds to boost marketing behind core Pepsi, Gatorade and Tropicana brands and dominant but slower growing Frito-Lay equities. With shares relatively cheap, even off a depressed earnings base and few believing company can pull off the turnaround, we like risk/reward here and maintain Buy, lowering CY12/13 EPS."

PEP closed at $64.27 a share yesterday.