PepsiCo price target lowered to $190 from $210 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on PepsiCo to $190 from $210 and keeps an Equal Weight rating on the shares. Q3 results “came in as we expected,” but also included a “surprising early high end of algorithm guide for 2024,” confirming Pepsi should land at a higher organic sales growth, or OSG, rate than peers, but also raising the bar for the company near-term. The bar is set at a level where “we don’t see OSG upside,” the analyst tells investors.