Wells Fargo lowered the firm’s price target on PepsiCo (PEP) to $140 from $150 and keeps an Equal Weight rating on the shares. The firm notes there’s much focus on North America Food volume softness, which it agrees. The bigger challenge, however, seems NA Food profit de-leverage. It’s been substantial and makes it tough to get comfortable with the model, and embrace this low valuation, Wells adds.
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