Investment banking giant Credit Suisse First Boston has cut its rating on snacks and drinks giant PepsiCo from “strong buy” to “hold” after the company reported sales figures below analysts’ expectations.
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Analyst Andrew Conway added that the firm’s rating now has a US$40 price target.
After PepsiCo posted its biggest percentage drop in over ten years, its shares at the end of last week tumbled 10% US$36.20 on the New York Stock Exchange (NYSE).
