RBC Capital Markets analyst Nik Modi reiterates a Sector Perform rating on PepsiCo, Inc. (NASDAQ:PEP), with a price target of $178. The analyst expects a strong second quarter from PEP driven by Frito Lay momentum, solid results in PBNA, and international led by Latin America and emerging markets. Modi also sees an upside to PEP’s guidance for the year given the higher margin Frito driving momentum. The analyst raised 2Q revenue estimates to $21.518 billion from $21.488 billion. 2Q EPS is expected to be $1.95.