Keurig Dr Pepper price target lowered to $38 from $40 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Keurig Dr Pepper (KDP) to $38 from $40 and keeps a Buy rating on the shares. The firm says the company’s JDE Peet’s acquisition and planned spin-off is a complex and potentially higher-risk path to a beverage-only transformation. While Keurig believes the rewards outweigh the challenges, the market disagreed initially, the analyst tells investors in a research note.