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20.03.2020 21:21:15

PepsiCo Stock Drops Despite Analyst Upgrades

Shares of PepsiCo (NASDAQ: PEP) have dropped today, down by 7% as of 3 p.m. EDT, amid ongoing market volatility related to the COVID-19 pandemic. The decline comes despite recent bullish remarks from several Wall Street analysts.CFRA boosted its rating on PepsiCo shares from buy to strong buy, arguing that the consumer staples company was a "defensive" stock with a strong balance sheet and stable earnings power. Analyst Garrett Nelson is also confident that PepsiCo will be able to maintain its dividend, which was recently increased by 7%. Nelson also suggested that demand for PepsiCo products in the Frito-Lay segment could be boosted in the short term as consumers stock up on food. CFRA reduced its price target from $160 to $145 to accommodate for recent market activity.Image source: Getty Images.Continue reading
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