JPMorgan Downgrades PepsiCo Stock to 'Neutral'

PepsiCo's stock rating was lowered to 'neutral' by JPMorgan Chase & Co., according to MarketBeat. This decision comes after the company's quarterly earnings report, in which it beat analysts' estimates with a profit of $2.20 per share. However, despite this positive result, JPMorgan Chase & Co. downgraded PepsiCo from its previous 'overweight' rating and reduced its price target to $138 from $170.

The company's revenue was up 6.4% year-over-year in the latest quarter, reaching $24.18 billion. This growth is a positive sign for the company, but it may not be enough to offset concerns about slowing demand and higher costs. As a result, analysts are closely watching PepsiCo's upcoming third-quarter earnings report, which could provide further insight into the company's performance.