TD Cowen lowered the firm’s price target on PepsiCo to $190 from $200 and keeps a Buy rating on the shares. Unexpected near-term weakness in the U.S. salty snacks category “presents a significant challenge to the company’s sales guidance in the near term,” says the firm, which lowered its 2024 and 2025 sales growth estimates to 3.8% but keeps EPS forecasts for PepsiCo unchanged.
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