PepsiCo price target lowered to $160 from $167 at Piper Sandler

Piper Sandler lowered the firm’s price target on PepsiCo (PEP) to $160 from $167 and keeps an Overweight rating on the shares. The firm notes the company’s outlook was cut on tariff headwinds for North America beverage concentrate imports and unfavorable mix shifts from longer than expected pressure in FLNA. PepsiCo’s new FLNA price pack architecture is driving better trends where it is in place, though it takes time to roll out, and should be in all outlets by May or June, Piper adds. The firm expects its PBNA and FLNA integration to drive savings and add commercial flexibility from combined mixing centers, though its rollout likely takes five to six years to complete.