House & Home
Mon, January 26, 2009Fri, January 23, 2009Thu, January 22, 2009Wed, January 21, 2009Tue, January 20, 2009Mon, January 19, 2009Fri, January 16, 2009Schaeffer's Street Stories: PepsiCo, Inc. Falls Victim to a Price-Target Reduction
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Published in House and Home on Wednesday, January 21st 2009 at 9:29 GMT, Last Modified on 2009-01-21 09:29:33 by Market Wire🞛 This publication is a summary or evaluation of another publication
CINCINNATI--([ BUSINESS WIRE ])--This morning, HSBC cut its price target on several beverage stocks, including PepsiCo, Inc. (NYSE: PEP). Specifically, the brokerage firm slashed its expectations from $70 to $62 per share, but kept its "overweight" rating. The firm attributed its cautious outlook on the beverage stocks to continued economic weakness which will affect consumption trends, currency headwinds, and cost pressures. In early trading, it looked as if investors were shrugging off the news, as the stock gained as much as 0.59%, but at last check, the stock had slipped 1.05%.
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