Keurig Dr Pepper

KDP · NASDAQ

$34.63+$0.17 (+0.49%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $34.46

KDP analyst rating

BuyConsensus of 13 analysts over the last 12 months. 69% rate it a buy.

Strong buy0
Buy9
Hold4
Underperform0
Sell0

12-month price target · 20 analysts

Average $36.57 (+5.6% upside)

Low: $29.29
Now: $34.63
High: $44.10

Upgrades and downgrades

The latest rating actions, newest first

KDP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Argus Research	Sep 15, 2026	Maintains	Buy	$36.00	51%
HSBC	Aug 13, 2026	Upgrade	Hold → Buy	$40.00	60%
Barclays	Aug 10, 2026	Maintains	Overweight	$36.00 → $38.00	62%
UBS	Aug 7, 2026	Maintains	Buy	$38.00 → $39.00	62%
Evercore ISI Group	Aug 7, 2026	Maintains	In-Line	$30.00 → $32.00	59%
JP Morgan	Jul 23, 2026	Maintains	Overweight	$33.00 → $38.00	58%
UBS	Jul 16, 2026	Maintains	Buy	$34.00 → $38.00	62%
Citigroup	Jul 14, 2026	Maintains	Buy	$32.00 → $37.00	58%
Barclays	Jun 25, 2026	Upgrade	Equal-Weight → Overweight	$30.00 → $36.00	62%
Bernstein	Jun 12, 2026	Initiates	Outperform	$38.00	83%

The case for and against

Updated Feb 9, 2026

Bull case

Keurig Dr Pepper has demonstrated a positive sales growth trajectory in the US coffee market, with measured retail sales increasing by 2.1% in the fourth quarter of 2025 year-to-date, building upon a robust 2.4% growth in the third quarter of the same year. The company's performance in the ready-to-drink beverage segment has also been strong, with a reported retail sales growth of 3.1%, contributing to overall positive momentum. Additionally, projections suggest that Keurig Dr Pepper is poised to align its revenue and earnings growth with consensus estimates for 2026, indicating stability and sustained financial performance in the coming year.

Bear case

Keurig Dr Pepper's financial outlook is negatively impacted by high pro-forma leverage projected at approximately 5.2x at the end of 2026, which is only expected to modestly decrease to about 4.3x by the end of 2027 despite a nearly 9% free cash flow yield. Additionally, brewer shipments, which represent around 20% of segment sales, experienced a significant decline of approximately 25% in the third quarter of 2025, indicating ongoing pressure on this segment. Furthermore, the company has revised its earnings per share estimates downward for both 2025 and 2026, as well as reduced its international organic sales growth forecast from 12.5% to 4.0%, with Mexico's sales facing challenges due to soft consumer sentiment and adverse weather conditions.

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