** Brokerage BofA Global Research downgrades soda and snacks giant PepsiCo PEP.O to "neutral" from "buy", trims PT to $155 from $185
** New PT still implies ~6% upside to the stock's last close
** Brokerage expects Frito-Lay North America (FLNA) growth to remain below long-term trends, and international segments, while growing, are not enough to offset this slowdown
** Brokerage sees limited opportunity for revenue or earnings per share $(EPS)$ outperformance in 2025 and 2026
** BofA says PEP faces challenges from price increases that would lead to volume declines in FLNA, market share losses in Pepsi Beverages North America (PBNA), and macroeconomic uncertainty in Mexico, a key market for the company
** Despite this, brokerage sees upside to co's high margins in international markets and prudent management of P&L statements to protect earnings
** Including session's moves, PEP stock down 4.3% YTD
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
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