The brokerage now expects PepsiCo’s earnings to grow 7 percent this year, down from the 10 percent it expected earlier.

“Competition from Coca-Cola and a tough consumer environment is leading to weaker price realization than we anticipated in US sodas,” analysts, including Judy Hong, wrote in a note.

“And it remains to be seen how much further investment PepsiCo. will need to make to turn its US beverage market share performance around,” the analysts, who cut their price target on the stock to $74 from $83, said.

Just last week, the maker of Pepsi-Cola, Frito-Lay snacks and Quaker oatmeal tempered its full-year outlook, and said performance in its North American beverage business was worse than it expected.

The analysts also trimmed their 2012 and 2013 earnings estimates for the company, driven mainly by continued underperformance in the North American beverage business.

Shares of the company were down more than a percent at $64.90 on Monday on the New York Stock Exchange.