Keurig Dr Pepper Inc Warming Up Momentum; 2Q26 Preview

研报英文原文证据摘录

Keurig Dr Pepper Inc Warming Up Momentum; 2Q26 Preview

J P M O R G A N North America Equity Research

23 July 2026

Keurig Dr Pepper Inc Overweight

KDP, KDP US

Warming Up Momentum; 2Q26 Preview Price (22 Jul 26):$30.20

▲Price Target (Dec-27):$38.00

Prior (Dec-26):$33.00

We Believe Investors Are Beginning to Warm Up to Keurig Dr Pepper (KDP,

Overweight) as Separation Draws Nearer. We’ve said previously that KDP was Beverage, Household & Personal

Care Productsattractively valued following the sell-off post-deal announcement in August 2025

but that the stock would be range bound until the planned separation drew nearer Andrea Teixeira, CFA AC

and investors gained confidence in the growth/profit outlook. We’ve received (1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

more inbound interest in the name over the past couple months as we believe

investors have begun revisiting KDP given the compelling valuation (e.g., in April Drew Levine, CFA

(1-212) 622-0374

KDP was trading ~11x P/E). While there is still some uncertainty on timing/ drew.levine@jpmorgan.com

execution (e.g., searching for another Global Coffee Co. CEO following departure

Shovana Chowdhury

of Rafa Oliveira, which is a prerequisite for separation), we remain constructive on (1-212) 270-2184

both fundamentals (e.g., USRB strong momentum, favorable category dynamics, shovana.chowdhury@jpmorgan.com

innovation, brand partnerships; Coffee businesses improving price/cost J.P. Morgan Securities LLC

relationship, cost savings, resilient demand) and valuation (despite rally over past

3 months, still trading at ~12.7x NTM P/E vs. S5PACK/S5BEVG 15.1x/19.5x).

Quarterly Forecasts (FYE Dec)

• Key Points Ahead of Earnings: KDP is scheduled to report 2Q26 earnings Adj. EPS ($)