Goldman Sachs analyst Bonnie Herzog downgraded Keurig Dr Pepper to Neutral from Buy with a price target of $37, down from $39. The company continues to execute well in a challenging environment but the stock’s risk/reward is more balanced at current levels, Herzog tells investors in a research note. The analyst expects brewer household penetration starts to normalize, pod attach rates to moderate and for Keurig’s packaged beverage business growth and market share gains to begin to slow in this environment. Furthermore, she sees increased risk to the company’s margins as commodity inflation, especially related to coffee, remains elevated for Keurig versus its peers.