Deutsche Bank downgrades PepsiCo to Hold and cuts target to $138

Deutsche Bank lowered PepsiCo to Hold from Buy and cut its price target to $138 from $155, reported on September 28. The bank said it had less confidence in PepsiCo's strategic direction in North America and doubted a sustainable recovery in its food business there. It also cut estimates for weak demand and rising costs.

• Rating: Buy to Hold; target $155 to $138
• Doubts a sustainable recovery in North American food
• Estimates cut for weak demand and rising cost pressure