Barclays has downgraded PepsiCo to Equal Weight, expressing concerns over the recovery of its U.S. snacking business, particularly Frito-Lay North America (FLNA), which is expected to take several quarters to stabilize. Despite this, Barclays maintains a positive long-term outlook, anticipating that PepsiCo can achieve 4-6% sales growth and 7-9% profit growth, supported by international momentum and productivity improvements. However, without a clearer recovery path for FLNA, the stock's near-term upside potential appears limited.