J.P. Morgan is reducing estimates on Dr Pepper Snapple Group (NYSE:
DPS) from $2.78 to $2.70 for 2011 and from $3.04 to $3.00 for 2012.
“DPS recently issued an 8-K highlighting difficult cost inflation and correcting some information in an interview,” J.P. Morgan writes.
“This comes as little surprise given recent comments by both Coke (NYSE:
KO) and Pepsi (NYSE:
PEP), but the extra kicker appears to be a sharp recent rise in apple juice concentrate prices.”
Dr Pepper Snapple Group closed Thursday at $36.58.
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