It’s a very common practice and as long as you don’t portray a brand in a very bad way, you should be fine. It’s a question of “Is it a design exercise that shows your attachment to a brand” or “is it a way to ridicule it”.
In any case, I think the risk is to receive a cease and disist notice that will invite you to take the design down.
But of course, I can’t be taken responsible for my legal advices, I am not a lawyer not very savvy with this topic. (: