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[ Thu, Jan 22nd 2009
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Schaeffer's Street Stories: PepsiCo, Inc. Falls Victim to a Price-Target Reduction
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%.
To continue reading this article, click here: [ http://www.schaeffersresearch.com/commentary/content/pepsico+inc+falls+victim+to+a+price-target+reduction/observations.aspx?click=home&ID=90639 ]
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