TD Cowen analysts reduced their price target for PepsiCo (NASDAQ:PEP) to $190 from $200, maintaining a Buy rating on the stock. The analysts highlighted PepsiCo's reputation as a long-term value creator in the consumer packaged goods (CPG) sector, citing its strong competitive advantages and effective management.

However, they noted that unexpected short-term difficulties in the U.S. salty snacks market are likely to impact the company's near-term sales outlook. Consequently, the sales estimates for 2024 and 2025 have been lowered to 3.8%. Despite this, the EPS forecast remains unchanged due to the company's ability to leverage significant productivity gains within its profit and loss (P&L) structure.