Keurig Dr Pepper price target lowered to $36 from $39 at TD Cowen

TD Cowen lowered the firm’s price target on Keurig Dr Pepper (KDP) to $36 from $39 and keeps a Hold rating on the shares. The firm believes 2025 is shaping up to be a tough year for the food and beverage industry as the probability of a material change in the regulatory environment is low, GLP-1 usage grows slowly and with a high rate of dropouts, and value-seeking shopping usually normalizes as consumers acclimate to higher prices and benefit from wage inflation. Cowen believes many food and beverage brands need to reset their prices and margin structures lower to improve their value perception with consumers.