** PepsiCo PEP.O on Thursday warned commodity costs are expected to rise in H2, as it ramps up investments and cuts prices to appeal to budget-conscious consumers

** Median PT of 26 brokerages covering stock is $161 - LSEG-compiled data

GLOBAL FIZZ, LOCAL WHIFF

** J.P. Morgan ("overweight," PT: $170) believes co's U.S. performance will improve in H2 despite volatile macroeconomic backdrop; strong international growth and better-than-expected overseas results should largely offset softer North American trends

** RBC Capital Markets ("sector perform," PT: $161) says co's international business remains bright spot, North American business continues to lag, affordability measures yet to drive meaningful volume growth

** Jefferies ("hold," PT: $152) says unclear whether planned second-half investments will materially improve performance in North America

** UBS ("buy," PT: $159) says cautiously optimistic about gradual improvement in North America, notes lower long-term organic sales growth trajectory