Pepsi has always been one of my favorite stocks. But over the past two days, I have this feeling that the stock is no longer bullish. First, a day ahead of earnings, Jefferies downgraded it with a price target of 108 from 133. And as Jefferies noted, North America was the dark spot on Pepsi's Q3 revenues. Pressure from peer companies as well as newbie firms are also mounting. Adding to all this, the company slashed its FY organic revenue outlook from 3% to 2.3%. Now what do I make out of all this?