JPMorgan downgrades PepsiCo to Neutral, target cut to $138 from $170

JPMorgan cut PepsiCo to Neutral from Overweight and lowered its price target to $138 from $170, in a note reported on September 29. The bank said the North American snack recovery stalled after a weak first quarter, leaving PepsiCo to rely on productivity gains to reach the low end of its 5% to 7% profit guidance. JPMorgan also trimmed its fiscal 2027 EPS estimate to $8.86 from $9.05.

• Rating: Overweight to Neutral; target $170 to $138
• North American snack recovery stalled after Q1, per JPMorgan
• FY2026 may depend on productivity to reach the low end of 5% to 7% profit growth
• FY2027 EPS estimate cut to $8.86 from $9.05