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Dr Pepper Snapple downgraded to Sell by Goldman

  • Goldman Sachs downgrades Dr Pepper Snapple Group (DPS) to Sell from Neutral and lowers its PT to $46 from $48.
  • Analyst Judy Hong notes, "(1) we see potential for top-line disappointment based on broad-based weakness in US non-alcoholic ready to drink beverages; (2) higher spending behind the TEN platform is eating into cost savings while providing minimal sales lift; and (3) valuation is likely to further compress given weakening fundamentals."
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