Keurig Dr Pepper price target lowered to $40 from $43 at Citi

Citi lowered the firm’s price target on Keurig Dr Pepper (KDP) to $40 from $43 and keeps a Buy rating on the shares. The company reported “disappointing” Q3 results in its U.S. coffee business, missing on sales and profit, net of a U.S. refreshment beverage beat, the analyst tells investors in a research note. The firm says the coffee miss was mainly driven by negative pricing, but notes that coffee pod volumes also disappointed. However, it believes Keurig Dr Pepper’s valuation remains attractive.