PepsiCo's (PEP) revenue problems are expected to continue this year and likely to "get worse before they get better," RBC Capital Markets said in a note Tuesday.

RBC cautioned investors that the "significant underperformance" of the food company's stock does not mean it's a good time to buy.

Shares of PepsiCo have been down more than 30% during the last two years, spurred by "persistent topline pressure resulting in a downward revision cycle," RBC analysts said, adding that its "lackluster performance" in the US market is at the center of the company's issues.

"We believe the recovery will be more a function of the macro environment, more targeted price investments and significant innovation," analysts wrote in the note. "We believe PepsiCo is a great company with great brands, but it's too early to call the bottom."

RBC has a sector perform rating on PepsiCo, with a price target of $148.

Price: 130.12, Change: +1.03, Percent Change: +0.80