Pepsico: shares fall after broker downgrade.
(CercleFinance.com) - Pepsico shares are down on Monday after Jefferies downgraded the maker of soft drinks and Quaker oatmeal.
In early morning trading, Pepsico shares are down 1.3% at slightly under 110 dollars.
Jefferies analyst Kevin Grundy, who downgraded his rating on the stock from "buy" to "hold," in a note issued this morning, said that non-alcoholic beverages (NAB) - which represent 25% of the group's profits - saw their market share continue to deteriorate, which will likely require "greater innovation/reinvestment to fix."
The broker has hence cut its target price for the stock from 133 dollars to 108 dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
In early morning trading, Pepsico shares are down 1.3% at slightly under 110 dollars.
Jefferies analyst Kevin Grundy, who downgraded his rating on the stock from "buy" to "hold," in a note issued this morning, said that non-alcoholic beverages (NAB) - which represent 25% of the group's profits - saw their market share continue to deteriorate, which will likely require "greater innovation/reinvestment to fix."
The broker has hence cut its target price for the stock from 133 dollars to 108 dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.