PepsiCo reports second-quarter earnings on July 9.
Multiple analysts lowered their price targets for the company ahead of the release. Citigroup reduced its target to $170 from $182. Bank of America cut its target to $164 from $173. Jefferies also trimmed its price target on the stock.
The revisions stem from a slowdown in the PepsiCo Foods North America (PFNA) division. Analysts expect a prolonged recovery for the snacks business following soft retail performance. Weakness in North America is projected to offset stronger international results through the second half of the year.