Citi raises PT on PepsiCo to $170

Citi raises PT on beverage and snacks company PepsiCo PEP.O to $170 from $165, a 29.8% upside to the stock's last close

Brokerage cites co stock looks too low for a company still growing sales, showing a stronger‑than‑expected 2026 outlook, and taking steps to fix PepsiCo Foods North America and boost volumes

Co on Dec 8 issued preliminary 2026 guidance calling for 2% to 4% organic sales growth with stronger performance in the second half of the year

Brokerage says PepsiCo's international business - about 40% of total sales - remains a strong mid-single-digit grower and is undervalued relative to the company's overall valuation multiple

PEP's recent price cuts, promotions and 2026 launches - Muscle Milk, Starbucks RTD Coffee + Protein, and Cheetos/Doritos innovations - are boosting volumes and expected to help PNFA return to growth, brokerage says

9 of 26 brokerages rate the stock "buy" or "strong buy", 16 "hold" and 1 "sell"; median PT is $164 - data compiled by LSEG

As of last close, PEP down 1.1% YTD