SunTrust analyst William Chappell raised his price target on PepsiCo to $120 after its Q1 earnings beat with better than expected organic revenue growth of 5.2%. The analyst is keeping his Hold rating on the shares while lowering his Q2 EBITDA forecast to $3.44B from $3.61B to reflect the management's plans to "spend back the upside" of Q1 in the current quarter through higher marketing and advertising. Chappell also reiterates his concerns with PepsiCo's "ability to grow profits high-single-digits" in the coming years when it slows its advertising and marketing expenditure.

Notable profits for the buyer who lifted the $0.43 offer for 1,999 PepsiCo (PEP) May-24 180 calls yesterday at 10:11ET when underlying shares were trading at $172.36. Shares closed at $177.41, and the calls at $1.65 for a mark-to-market profit of 285%, or $245K, on the $86K outlay.

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Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).