Jefferies reaffirms its 'buy' recommendation on PepsiCo, a stock added to its 'franchise picks' list, and raises its price target from $199 to $209, noting that 'international momentum continues to build with no signs of slowing'.

The broker points out that margins in international operations are now above the average for the food group as a whole, and still have potential for improvement as they grow in size.

Overseas potential is not fully priced in, given the ongoing focus on Frito's slowdown, creating an increased buying opportunity', concludes Jefferies.

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