Keurig Dr Pepper Inc (KDP) - Room to shine with beverages

研报英文原文证据摘录

Keurig Dr Pepper Inc (KDP) - Room to shine with beverages

25 June 2026

Cristian Rios

+1 917 344 8615

U.S. Beverages, Household & Personal Care Products cristian.rios@bernsteinsg.com

Keurig Dr Pepper Inc Yolanda Zhang

+1 917 344 8346

Rating yolanda.zhang@bernsteinsg.com

Outperform

Price Target

KDP 38.00 USD

We are bullish on Energy drinks, due to their functional appeal and potential to support

Close Date 23 Jun 2026

consumer goals such as losing weight, mental focus, or sports recovery. Our insights are

KDP Close Price (USD) 30.87

informed and supported by our proprietary consumer survey.

Price Target (USD) 38.00

KDP has an outstanding Functional Beverages portfolio, comprised of hot brands in Energy Upside/(Downside) 23%

and Hydration. While the company is in the middle of a challenging integration rife with 52-Week Range 35.94/24.88

risk, we believe the risks are well-understood and priced in. The stock continues to react SPX 7,358.22

constructively to fundamental business results, as we saw in Q1 of 2026. As such, we believe FYE Dec

Refreshment Beverages will continue to outperform and continue to drive appreciation. Div Yield 2.9%

Market Cap (USD) (M) 43,109

We forecast 17% and 8% YoY EPS growth NTM and NTM+1, respectively, leaving us in line EV (USD) (M) 78,227

vs. consensus on NTM+1 EPS. We have a target multiple of 15x, vs. today’s multiple of 13.3x, Performance YTD 1M 6M 12M

resulting in a total upside of 22%. Absolute (%) 13.1 8.8 13.2 (5.6)

SPX (%) 7.5 (1.5) 6.1 20.8

Investment Implications Relative (%) 5.6 10.4 7.0 (26.3)

We rate Keurig Dr. Pepper Outperform, with a PT of $38. KDP has an outstanding Source: Bloomberg, Bernstein estimates and analysis.

Functional Beverages portfolio, comprised of hot brands in Energy and Hydration. While the