Keurig Dr Pepper downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Keurig Dr Pepper (KDP) to Equal Weight from Overweight with a price target of $26, down from $39. While the company’s asset reshuffling could be the right move longer term, the transactions “present elevated noise and uncertainty over the next 12 months,” the analyst tells investors in a research note. Barclays is challenged to believe new information at Keurig’s investor event in October will serve as a positive catalyst “as there will be plenty to bear out over time.” It cites heightened complexity in the Keurig narrative near term for the downgrade.