UPDATE: Stifel Upgrades PepsiCo On Positive Risk/Reward

In a report published Thursday, Stifel analyst Mark Swartzberg upgraded the rating on PepsiCo (NYSE: PEP) from Hold to Buy, and named a $106.00 price target.

In the report, Stifel noted, “We upgrade to Buy from Hold, seeing a positive risk/reward in the shares. Multiples are off highs and in line with historical norms, yet we believe the company is entering a period of positive earnings revisions, reflecting stabilizing Americas Beverages trends, abating input pressures, increasing emphasis on productivity, and increasing effectiveness innovating. We also believe the shares embed very little value for Trian's influence, even though Trian could ultimately gain a seat on PepsiCo's board.”

PepsiCo closed on Wednesday at $90.82.