** 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))