Jefferies analyst Kevin Grundy lowered his fiscal 2018 through fiscal 2020 estimates for PepsiCo by 2% after his firm's U.S. beverages survey reflected "troubling trends" in U.S. sports drinks. The survey showed declining penetration/frequency of sports drinks consumption as well as a "long runway" for Body Armor to gain share in the category, Grundy tells investors in a research note. The analyst does not see the recent pullback in PepsiCo shares as a buying opportunity and cut his target for the stock to $96 from $105. Grundy sees risk to the multiple despite recent pullback.