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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on KDP:
- Keurig Dr Pepper Expands with GHOST Lifestyle Acquisition
- Morning Movers: UPS ascends and Textron descends after quarterly reports
- Keurig Dr Pepper to acquire Ghost Lifestyle and Ghost Beverages, sees accretion
- Keurig Dr Pepper reports Q3 adjusted EPS 51c, consensus 51c
- Keurig Dr Pepper backs FY24 adjusted EPS growth high-single-digit range