PEP

Barclays analyst Lauren Lieberman lowered the firm's price target on PepsiCo to $135 from $143 and keeps an Equal Weight rating on the shares post the Q1 report. The firm sees a "more subdued" outlook ahead for the company.

Catch up on the weekend's top five stories with this list compiled by The Fly: 1) Boeing (BA) has begun flying the 737 Max jets that were refused by Chinese airline customers back to the U.S., Julie Johnsson, Siddharth Vikram Philip, and Danny Lee of Bloomberg reports. The jet was intended for Xiamen Air and flew from Zhoushan to Guam. There are at least two other planes in Zhoushan awaiting delivery. 2) Tesla's (TSLA) production launch for an affordable car has been delayed, Abhirup Roy, Aditi Shah, and Hyunjoo Jin of Reuters reports, citing three sources with knowledge of the matter. Global production of the lower-cost Model Y is expected to begin in the U.S., the sources said. Production is expected to occur at least a few months later than originally outlined in Tesla's public plan, with a range of revised targets from Q3 to early next year, the sources added. 3) Citing interviews with current and former company leaders, investors, customers and dealers, as well as public filings, the Wall Street Journal details how a dispute over the next CEO of Harley-Davidson (HOG), remote work and DEI led to a director's resignation and his public battle to oust other board members. 4) Ford (F) has stopped shipping pickup trucks, SUVs and sports cars to China to avoid increased tariffs, Mike Colias of Wall Street Journal reports, citing people familiar with the matter. Ford halted shipments this week of F-150 Raptors, Mustang muscle cars and Bronco SUVs built in Michigan, as well as Lincoln Navigators made in Kentucky, sources told the Journal. 5) More than 50 years ago, PepsiCo (PEP) began making concentrate in Ireland because of the country's low corporate tax rate, but that strategy is now backfiring as the concentrate for nearly all U.S. sales of Pepsi and Mountain Dew is subject to a 10% tariff, Laura Cooper of Wall Street Journal reports. While Coca-Cola (KO) for decades has also produced concentrate in Ireland, the company makes most of the concentrate for its American sodas in Atlanta and Puerto Rico, a U.S. territory, the Journal points out.

UBS lowered the firm's price target on PepsiCo to $169 from $175 and keeps a Buy rating on the shares. PepsiCo's Q1 EPS missed estimates and cut the FY25 earnings outlook more than expected on account of a deteriorating consumer backdrop and supply chain headwinds, the analyst tells investors in a research note. It is difficult to see a path to the company's long-term algorithm in the near-term, but thinks the risk/reward continues to skew to the upside.

JPMorgan analyst Andrea Teixeira raised the firm's price target on PepsiCo to $159 from $158 and keeps a Neutral rating on the shares ahead of the Q1 report on April 24. Investors are bracing for another soft quarter as consumption trends in the U.S. appear to have deteriorated for snacking while beverages remains lackluster, the analyst tells investors in a research note. The firm says that while PepsiCo's valuation is attractive, the lack of visibility to a rebound in snacking, coupled with Trump's "Make America Healthy Again" agenda and GLP-1 risk, keep it on the sidelines