UBS upgraded Keurig Dr Pepper to Buy from Neutral with a price target of $42, up from $37. The stock is trading below historical average and at a deep discount to U.S. Beverage peers, the analyst tells investors in a research note. Shares are pricing in a decline in earnings power over the next 12 months, but this is misplaced, the firm adds, stating that an earnings inflection is beginning to take shape amid sustained mid-single-digit organic revenue growth and improved outlook for U.S. Coffee business.
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