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Fly News Breaks for December 16, 2019
PEP
Dec 16, 2019 | 08:27 EDT
As previously reported, Morgan Stanley analyst Dara Mohsenian downgraded PepsiCo to Equal Weight from Overweight with a price target of $145, down from $154 "mainly" due to valuation with the stock up 24% year-to-date. After four straight quarters of 4.3% or better two-year average organic sales growth for Frito-Lay North America, Mohsenian worries that top-line growth will slow as pricing power dissipates and comparisons become more difficult, the analyst added as another reason for the change in rating.
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