Analysts at Citigroup lifted their price target on PepsiCo shares to $73, from $69, citing positive meetings with management. The firm maintained a hold rating on the stock.
In late April PepsiCo beat profit expectations Thursday and reaffirmed its outlook despite what it called "high global commodity cost inflation."
Morgan Stanley analysts initiated coverage of Arcos Dorados, which began trading publicly on the New York Stock Exchange in April, with an overweight rating and $26 price target. The analysts said Arcos Dorados is operating in an attractive and underpenetrated region. Arcos Dorados is McDonald's (MCD) South American franchisee, the burger chain's largest franchisee by sales and number of locations. As of the end of 2010 it operated 1,755 restaurants in 19 countries, including in its native Argentina, Mexico and Brazil. Its initial public offering of 73.5 million shares was priced at $17 each, above the $13 to $15 originally anticipated, valuing the company at around $1.25 billion. Campbell Soup (CPB) shares were upgraded to neutral, from underperform, by analysts at Credit Suisse, and the company's price target was lifted by $3 to $35. The firm noted that management's comments eased concerns about competitive intensity.
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