Citi upgraded PepsiCo to Buy from Neutral with a price target of $195, up from $180. With a lower organic sales growth bar and a reset in market expectations, the setup looks more favorable with PepsiCo’s track record of meeting or beating guidance, the analyst tells investors in a research note. Citi acknowledges volumes will likely remain pressured in the first half of 2024, but believes that is now understood and reflected in the stock price.
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