Wells Fargo raised the firm’s price target on PepsiCo (PEP) to $154 from $140 and keeps an Equal Weight rating on the shares. The shine of a low price to earnings quality mega cap has been almost too much to bear and this tension finally broke higher, the firm says. That in mind, the step-change was more “stock” vs “fundamentals.” The latter will be needed for a durable turn in PepsiCo’s fortunes, Wells adds.
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