PepsiCo: Jefferies still on 'hold' - adjusts target price
(CercleFinance.com) - Jefferies maintains its "hold" rating on the PepsiCo share, while nudging up its target price from 135 dollars to 137 dollars, following the agri-food group's quarterly results, which owns the Pepsi, Lays and Quaker brands.
The broker highlights the strength of the snack portfolio (+5% in organic terms), which was resilient in Q2, while beverages (-7% in organic terms) experienced difficulties.
Although it says, "While Beverages Challenged," Jefferies believes that the pace of this recovery remains a risk, and that the stock's P/E looks full at 24.5x 2021 and 2022 EPS(e).
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