Citi lowered the firm’s price target on PepsiCo (PEP) to $160 from $170 and keeps a Buy rating on the shares following the Q1 report. The company’s North America results remained soft, and when coupled with the 2025 earnings guidance cut, drive the negative stock reaction, the analyst tells investors in a research note. Citi continues to believe PepsiCo’s valuation “looks too depressed,” but says evidence of improvement in North America remains the key for any multiple re-rating.
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