Soda staple PepsiCo Inc PEP received a downgrade from analysts Tuesday due to concerns over slower-than-expected growth. What Happened : Bank of America Securities analyst Bryan Spillane downgraded PepsiCo shares from Buy to Neutral and lowered the price forecast from $185 to $155. In a Tuesday research note, Spillane recalled the 1986 book, "The Other Guy Blinked; How Pepsi Won the Cola Wars," which chronicles how Pepsi caused its biggest rival, The Coca-Cola Company, to change its recipe. "Today we blinked," Spillane said. "After having been asked repeatedly by investors since the beginning of the year 'why are you still a buy on PEP?' we have run out of answers and are downgrading to Neutral." The decision to downgrade reflects several bearish feelings, including the fact that gains in international markets are not fully offset by Frito-Lay North America's losses.