PepsiCo initiated with a Buy at Jefferies

Jefferies initiated coverage of PepsiCo with a Buy rating and $203 price target. The firm says Pepsi is the most durable business in its coverage, and the most likely to grow earnings high-single digits or better in the next three years. The company’s’ hefty investments over the last half decade are yielding results, and the returns should accelerate, the analyst tells investors in a research note.