Truist Securities Upgrades Keurig Dr Pepper (KDP) to Hold

Truist Securities analyst Bill Chappell upgraded Keurig Dr Pepper (NASDAQ: KDP) from Sell to Hold with a price target of $34.00 (from $27.00).

The analyst comments "We are raising our rating on Keurig Dr. Pepper to Hold from Sell, raising our 12-month price target to $34 from $27 and maintaining our estimates. We are raising our rating on Keurig Dr. Pepper to Hold from Sell, raising our 12-month price target to $34 from $27 and maintaining our estimates. We believe our concerns, including overoptimistic expectations for a rebound in the coffee segment, have played out (coffee segment down ~2% YoY) and are reflected in the current valuation. The stock has underperformed the S&P 500 and XLP since our November 2022 downgrade (KDP down 9.5% vs. XLP +9.7% and S&P 500 +43.7%) and is currently trading at the low end of its 5-year historical average. Our upgrade is based on the following points:"

For an analyst ratings summary and ratings history on Keurig Dr Pepper click here. For more ratings news on Keurig Dr Pepper click here.

Shares of Keurig Dr Pepper closed at $34.04 yesterday.

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