PepsiCo price target lowered to $200 from $210 at Jefferies

Jefferies lowered the firm’s price target on PepsiCo to $200 from $210 and keeps a Buy rating on the shares. Pepsi is “not immune to the snacking slowdown,” says the firm, which lowered its Frito 2024 sales growth estimate to 2%, compared to the Street call for 2.5% growth. An uptick in promotional activity indicates Pepsi is “feeling some pressure with ’24 starting to look more like a consolidation year,” the analyst tells investors.