PepsiCo price target lowered to $169 from $176 at Deutsche Bank

Deutsche Bank analyst Steve Powers lowered the firm’s price target on PepsiCo (PEP) to $169 from $176 and keeps a Buy rating on the shares. The firm sees “legitimate and widespread pressures building” across much of the consumer packaged goods industry due to the conflict in the Middle East. The stocks underperformed in March on cost inflation concerns, potential demand destruction from trade-down, and adverse currency moves, the analyst tells investors in a research note.