Today's Most Important Downgrades

Keurig Dr Pepper (NASDAQ: KDP) shares fell more than 3% intra-day today after Goldman Sachs downgraded the company 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 downgraded shares of CSX Corp. (NASDAQ: CSX) and Norfolk Southern (NYSE: NSC) 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.

By Davit Kirakosyan

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