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SMALL BUSINESS
Ahead of the Bell: Dr. Pepper Snapple Group
AP
NEW YORK -A Deutsche Bank North America analyst lowered his rating on Dr. Pepper Snapple Group Inc. on Monday, citing the beverage maker's share price.
Analyst Andrew Kieley said the company's shares are within 6 percent of his $32 price target and has more than doubled since March. Dr. Pepper Snapple Group closed at $30.09 on Friday.
"While shares are still slightly undervalued and we continue to like the long-term fundamentals, we no longer expect as dramatic price appreciation, and a positive earnings outlook is largely discounted," he wrote in a note to clients.
Kieley reduced Plano, Texas-based Dr. Pepper Snapple Group to "Hold" from "Buy."
Dr. Pepper Snapple Group, which makes Sunkist soda, 7UP, A&W, Canada Dry and other beverages, was spun-off last year from British-based Cadbury.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-12 07:21:19
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