JPMorgan downgraded PepsiCo to Neutral from Overweight and lowered its price target to $138 from $170, marking the second downgrade for the company this week after Deutsche Bank moved to Hold from Buy. Analyst Andrea Teixeira said PepsiCo's North American turnaround has stalled as costs rise, although the upcoming quarter could benefit from strong international sales, favorable weather and the FIFA World Cup. Excluding those potential one-off supports, North American trends remain below management's expectations, while FLNA salty snacks have delivered lackluster results despite reformulation, packaging changes, increased spending and lower prices. JPMorgan cut its 2027 EPS estimate to $8.86 from $9.05 and its 2028 forecast to $9.33 from $9.57, both below consensus estimates of $8.95 and $9.47. The bank said PepsiCo may need greater cost savings in the fourth quarter to reach the low end of its 5% to 7% earnings-growth guidance, with new transportation costs adding pressure. Deutsche Bank previously cited mixed or fleeting benefits from turnaround initiatives and reduced its 2027 EPS forecast to $8.61 from $8.88, below its $8.97 consensus estimate.