PepsiCo, Inc. (PEP) Maintains Buy Rating; Price Target Raised

Analysts Mark Swartzberg and Mark S. Astrachan at Stifel Nicolaus have released an update on PepsiCo, Inc. (NYSE: PEP).

Stifel Nicolaus attended the company’s two-day analyst meeting, which was held this week. The company reiterated its 2010-2012 P&L growth targets at the meeting. It is targeting productivity gains of $800 million over the next three years.

Following the meeting, analysts at Stifel Nicolaus have maintained their Buy rating for PepsiCo, Inc. The price target for the company has been raised from $68 to $74. The new price target is based on a multiple of 14.5x the 2012 EPS estimate of $5.13.