UPDATE: Morgan Stanley Reiterates On PepsiCo Following Disappointing But Conservative 2014 Guidance

In a report published Friday, Morgan Stanley analyst Dara Mohsenian reiterated an Overweight rating on

, but removed the $95.00 price target. In the report, Morgan Stanley noted, “PEP adj. 4Q EPS of $1.05 was above MS/consensus at $1.00/$1.01, but more than all of the upside was below the profit line, with operating profit 3% below consensus. Organic sales growth of +4.1% was solid in a tough environment, but operating profit was 3% below consensus on +75 bps of higher SG&A as a % of sales, partially offset by 35 bps of GM upside vs. consensus.” PepsiCo closed on Friday at $79.69.