SunTrust analyst William Chappell Jr. reiterated a Buy rating and $35.00 price target on Keurig Dr Pepper (NYSE: KDP) following the company's announced new long term master licensing and distribution agreement with McDonald’s USA for the McCafe coffee line.

Under the terms of the agreement, KDP will assume the marketing and distribution functions for the McCafe packaged coffee brand in the US. This will include both K-cups and bagged coffee sales to offline and online retail outlets.

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Shares of Keurig Dr Pepper closed at $27.22 yesterday.