© Reuters. Today’s Most Important Downgrades
By Davit Kirakosyan
Keurig Dr Pepper Inc (NASDAQ:) shares fell 3.5% today after Goldman Sachs (NYSE:) to Neutral from Buy and lowered its price target to $37.00 from $39.00. The analysts now see a more balanced risk/reward given their expectation that brewer household penetration starts to normalize, pod attach rates moderate and the company’s packaged beverage business growth & market share gains begin to slow in this environment.
UBS of CSX Corporation (NASDAQ:) and Norfolk Southern Corporation (NYSE:) to Neutral from Buy and cut the price target to $31 (from $38) and to $229 (from $282), respectively. According to the analysts, consensus 2023 estimates appear too high for U.S. rails with the macro backdrop deteriorating, expecting downward revisions from industrial-related and intermodal volume assumptions in the near term.
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