JPMorgan cools on KDP, but still likes the stock

Same stock, slightly less enthusiasm

JPMorgan just shaved its price target on Keurig Dr Pepper from $36 to $32. That’s not exactly a vote of no confidence — the bank kept its Overweight rating — but it is the market’s version of “you’re still invited, just don’t come hungry.”

What this means for your KDP bag

At around $26.10 a share, KDP still has room to run if JPMorgan’s math holds up. The new target implies roughly 22.6% upside, which is why this matters: analysts can lower the temperature on a stock without turning off the stove.

The bigger coffee-and-soda backdrop

This call lands after KDP recently posted a solid quarter, with:

• EPS of $0.60 versus $0.59 expected
• Revenue of $4.50 billion versus $4.35 billion expected
• About 10.6% year-over-year revenue growth
• FY2026 guidance of $2.130 to $2.170 in EPS

So the story here isn’t “KDP is broken.” It’s more like Wall Street looked at the menu, liked the coffee, and decided the stock probably shouldn’t be priced like a five-star brunch.

Big picture

Analyst target cuts can nudge sentiment, but they don’t always change the core thesis. For KDP, the market still has to decide whether the company’s growth is strong enough to justify more upside — or whether this is just a caffeinated stock with a decent, but not wild, run ahead.