UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on PepsiCo on Upside from Sales Leverage
In a report published Friday, Deutsche Bank reiterated its Buy rating on PepsiCo (NYSE: PEP), and raised its price target from $75.00 to $80.00.
Deutsche Bank noted, “Emerging from a tough macro and earnings management, company is reinvesting in innovation and marketing in a modestly improving consumption environment to accelerate top-line growth while driving productivity to free up resources for reinvestment and EPS growth acceleration. US DSD business is still a work in process but there are palpable signs the business is turning. While multiple has expanded off the bottom, we still see upside from sales leverage and maintain our Buy.”
PepsiCo closed on Thursday at $7.28.
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