UPDATE: Jefferies Lowering Price Target on Dr Pepper Snapple Group

Jefferies & Co. is out with a research report on Dr Pepper Snapple Group, Inc. (NYSE: DPS) and it is lowering its price target to $43 from $45, but it has a Hold rating on shares.

In a note to clients, Jefferies & Co. writes, "DPS reported 3Q EPS $0.71 vs. Street at $0.70. A lower than expected tax rate and marketing spend continued approximately $0.03 to EPS in the quarter. DPS's 3Q11 CSD volumes were flat as the company held market share, but NCB volumes fell 5%, first decline since 2008. We remain on sidelines given limited near-term volume visibility and above-mean valuation."

Shares of DPS closed at $37.91 yesterday.