US Top Rating Updates on 11/4: PEP, WE, ROKU, ANET and More

Redburn analyst Charlie Higgs initiated coverage of $PepsiCo(PEP.US)$ with a Sell rating and $141 price target. Frito-Lay is facing slowing volumes at a time when PepsiCo has "tougher tests" ahead with Coca-Cola (KO) and its bottlers upgrading their portfolio and execution during the pandemic, Higgs tells investors in a research note. He points out that shares of PepsiCo are trading at a 5% premium to Coca-Cola.

BTIG analyst Thomas Catherwood initiated coverage of $WeWork(WE.US)$ with a Buy rating and $7.50 price target. The analyst expects the need for flexible solutions to drive a "Supercycle" of demand for flexible workspaces over the near- and medium-term, a trend that should directly benefit WeWork.

Pivotal Research analyst Jeffrey Wlodarczak downgraded $Roku Inc(ROKU.US)$ to Sell from Hold with an unchanged price target of $40. The analyst views the post-earnings share rally as "illogical" given the "frankly horrific" Q4 guidance.