Jefferies ups PepsiCo target, adds to Franchise Picks List

Jefferies raised the firm’s price target on PepsiCo to $209 from $199 and keeps a Buy rating on the shares. The firm also added the shares to its Franchise Picks List. The company’s international momentum continues to build with no signs of abating, the analyst tells investors in a research note. The firm says demographics, low per caps, and PepsiCo’s “lift and shift capabilities pave the way for growth.” Jefferies believes the company’s potential abroad is not fully priced into the shares “given the unwavering focus on the Frito slowdown.” This “hidden value” creates an “enhanced buying opportunity,” Jefferies contends.