Beverage and snack food maker PepsiCo, Inc. ( PEP ) on Friday caught a big downgrade from analysts at Stifel Nicolaus.
The firm said it cut its rating on PEP from "Buy" to "Hold" and, in a rare move for analysts, completely removed its $75 price target. That target had represented a potential 23% upside to the stock's Thursday closing price of $60.92.
PepsiCo shares, which have fallen 6.75% year-to-date, fell 60 cents, or -1%, in premarket trading Friday.
The Bottom Line
Shares of Pepsico ( PEP ) have a 3.38% dividend yield, based on last night's closing stock price of $60.92. The stock has technical support in the $55-$57 price area. If the shares can firm up, we see overhead resistance around the $64-$65 price levels.
PepsiCo, Inc. ( PEP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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