In a report released today, Kevin Grundy from Jefferies downgraded PepsiCo (NYSE: PEP) to Hold, with a price target of $107. The company’s shares opened today at $114.99.
Grundy said:
“As M&A picks up, PEP announced that it will buy SODA in a $3.2B cash deal that we expect to be immaterial to EPS ( 20x NTM EBITDA).”
According to TipRanks.com, Grundy is a 4-star analyst with an average return of 8.1% and a 68.6% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Coca-Cola European Partners, Edgewell Personal Care, and Monster Beverage Corp.
PepsiCo has an analyst consensus of Moderate Buy, with a price target consensus of $119.08.
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Based on PepsiCo’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $16.09 billion and net profit of $1.82 billion. In comparison, last year the company earned revenue of $15.71 billion and had a net profit of $2.11 billion.
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