Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Thomas Weisel Cuts PepsiCo to 'Market Perform'


Thomas Weisel downgraded PepsiCo (PEP) to market perform from buy.

Analyst Skip Carpenter says he believes challenging conditions confronting the company's key growth business, Frito-Lay, will likely persist into the third quarter and will probably not be resolved until into 2003. He thinks until greater visibility and stronger results are generated by Frito-Lay, PEP will meet resistance from multiple expansion dynamic. He believes there is no positive catalyst to the PEP story in the near term given business trends in the second quarter and he believes further EPS risk likely.

Carpenter kept $1.92 2002 EPS and $2.15 2003 estimates, but lowered 13%-14% long-term growth rate assumption to 10%-12%.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus