PepsiCo shares fell about 0.5% Thursday after reports that the company plans to raise prices on some chips and sodas, including supermarket-sized packages of Doritos, Ruffles and SunChips. The increases are planned for the end of this year or early 2027 and are expected to be in the low-to-mid single-digit range. PepsiCo earlier cut prices by as much as 15% on products including Lay’s and Doritos after consumer backlash to repeated increases, but the affordability initiative did not generate meaningful volume growth. The company said adjusted prices would remain below pre-2025 levels. PepsiCo maintained its annual forecast while reporting a 2% year-over-year decline in second-quarter sales for its North American food business, which faces weaker demand, stronger competition and changing snacking preferences. Citigroup lowered its PepsiCo price target to $142 from $145 while maintaining a neutral rating, implying about 9% upside. The stock carries a consensus Hold rating, with seven Buy recommendations, 12 Holds and one Sell; the average target is $156.65. PepsiCo reported quarterly earnings of $2.20 per share against a $2.19 estimate and revenue of $24.18 billion versus expectations of $23.95 billion, while year-over-year revenue growth reached 6.4%. Management forecast full-year EPS of $8.55 to $8.71, compared with a Street estimate of $8.57. Options activity was elevated, with 48,807 call contracts purchased, about 62% above typical volume. EVP David Flavell sold 2,900 shares in late July at $139.54 each, generating more than $404,000 and reducing his holdings by about 3.7%. Institutional investors own roughly 73% of outstanding shares. PepsiCo also reaffirmed its investment commitments in Saudi Arabia as part of its global expansion efforts.