Guggenheim raises PepsiCo to ‘Best Idea’ in Food and Beverage, ups target

Guggenheim analyst Laurent Grandet raised the firm’s price target on PepsiCo (PEP) to $148 from $145 and elevated the shares to “Best Idea” in the Food and Beverage sector. The company is well suited to navigate the COVID-19 pandemic given its smaller exposure to the on-premise channel, especially relative to Coca-Cola (KO), Grandet tells investors in a research note. PepsiCo’s Food business, which represents 55% of sales, benefits from higher at-home consumption and it has a strong balance sheet, adds the analyst, who keeps a Buy rating on the shares.