Deutsche Bank lowered the firm's price target on PepsiCo to $168 from $173 and keeps a Buy rating on the shares ahead of the fiscal Q2 report. The firm is "more cautious" into earnings, saying the the PepsiCo Foods North America recovery thesis exiting Q1 "appears to be stagnating." While early-quarter trends suggested "encouraging momentum" following Q1's return to positive volume growth, consumption trends have decelerated through late April and May, the analyst tells investors in a research note.
