Keurig Dr Pepper up after Morgan Stanley upgrades to "overweight", raises PT

Shares of beverage company Keurig Dr Pepper KDP.O rise as much as 2.1% to $34.93 premarket

Morgan Stanley upgrades KDP to "overweight" from "equal-weight", raises PT to $40 from $38

Says co's U.S. refreshment segment is poised to post stronger and more sustainable growth than generally weakening CPG peer trends

"We also see KDP as a safe haven in a market downturn, with defensive business mix and limited tariff/FX risk, albeit some SNAP risk," brokerage says

Ten of 20 brokerages rate the stock "buy" or higher, and 10 "hold"; median PT is $39.5 — data compiled by LSEG

As of last close, KDP stock up 6.5% YTD compared to a 4.6% decline in the S&P 500 index .SPX