UPDATE: Morgan Stanley Upgrades PepsiCo to Overweight; Attractive Risk/Reward
Morgan Stanley upgrades PepsiCo (NYSE: PEP) from Equal-weight to Overweight on a risk reward that is more attractive and establishes a price target of $77.
Morgan Stanley comments, "We view PEP as a win-win situation. Either higher marketing pays off (vs. skeptical MS/market expectations) and the stock outperforms, or continued fundamental struggles may lead to more drastic action, including management/strategic changes, which could unlock shareholder value."
PEP closed at $65.90 on Friday.
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