Morgan Stanley downgraded PepsiCo to Equal Weight from Overweight with an unchanged price target of $185. The company’s’ organic sales growth weakness “has lingered” as price interventions and higher consumer spend do not seem to be driving a meaningful snacks sales payback, the analyst tells investors in a research note. The firm says PepsiCo’s beverage market share trends have worsened, along with moderating international growth as pricing contribution slows sequentially. Morgan Stanley sees building earnings risk for PepsiCo from U.S. sales softness, driven by both muted category growth, as well as the company’s market share losses, with little signs of a pickup post recent greater promotions.