Wall Street Analysts Just Trimmed Price Targets for These 5 Stocks

In this article, we discuss the 5 stocks receiving price-target cut from analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks.

05. PepsiCo, Inc. (NASDAQ:PEP)

Price Reaction after the Price Target Cut: +1.07 (+0.67%)

On October 9, 2023, Wells Fargo analyst Chris Carey reevaluated PepsiCo, Inc. (NASDAQ:PEP), making significant adjustments to the stock’s outlook. The analyst lowered the price target from $196 to $170 while maintaining an Equal-Weight rating. As of the latest data, PepsiCo, Inc. (NASDAQ:PEP) current market price is $161.36, reflecting a modest increase of 0.7%. This revision by Wells Fargo & Company suggests a recalibration of their assessment of PepsiCo, Inc. (NASDAQ:PEP) performance within the consumer goods and beverage industry. The decision to retain an Equal-Weight rating indicates Wells Fargo’s expectation that PepsiCo, Inc. (NASDAQ:PEP) will perform in line with market trends despite the adjusted price target.

Madison Sustainable Equity Fund made the following comment about PepsiCo, Inc. (NASDAQ:PEP) in its Q1 2023 investor letter:

“PepsiCo, Inc. (NASDAQ:PEP) announced that it will commit $3.3 million in funds toward water replenishment projects across North America. These projects aim to reduce absolute water use and replenish back into the local watershed more than 100% of the water used at company-owned and third-part sites in high water-risk areas.”