** Shares of beverage company Keurig Dr Pepper KDP.O down about 2% at $28.89

** Deutsche Bank downgrades to "hold" from "buy" rating; cuts PT to $32 from $35

** Brokerage expects KDP to have a strong slate of innovation, but says the co will still face strong competition from big energy drink brands like Monster, Celsius, and Red Bull

** Says in FY2026, co's focus will be on completing its purchase of Dutch coffee giant JDE Peet's in the first half and then preparing to split up the combined company in the second half, which could lead to distractions and some operational challenges

** Ten of 18 brokerages rate the stock "buy" or higher, seven "hold" and one "sell"; their median PT is $35.08- data compiled by LSEG

** Up to last close, shares down ~18% YTD

(Reporting by Sanskriti Shekhar in Bengaluru)

((Sanskriti.Shekhar@thomsonreuters.com))