JPMorgan is adopting a more bullish stance on shares of PepsiCo . The bank upgraded the food and beverage giant to an overweight rating from neutral. It also lifted its December 2026 price target to $164 from $151, which implies upside of 13%. Analyst Andrea Teixeira said that she sees PepsiCo delivering earnings in the mid- to high-single digit range next year, citing more aggressive productivity targets and an improving top line. This record productivity should allow for reinvestment and a flow-through in profit, she added. PEP YTD mountain PEP YTD chart "We are upgrading PepsiCo to Overweight from Neutral as we believe an accelerated agenda of innovation and marketing spending fueled by strong productivity savings should position PEP to drive HSD total shareholder return (TSR) in 2026,

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