The new price target comes after the Plano, TX-based beverage company reported better-than-expected results for the 2016 first quarter yesterday.
The company posted adjusted earnings of 94 cents per share, above analysts' estimates of 86 cents per share. Revenue came in at $1.49 billion, exceeding expectations of $1.47 billion.
"DPS reported another strong earnings beat, helped by timing factors. In particular, orders in foodservice and lower marketing spend were the main contributors to upside relative to our model," Barclays wrote in a note.
However, both of these factors should somewhat reverse as the year continues, according to the firm.
The company also announced that it will be adding purified water Core Hydration and High Brew, a cold-brew coffee, to its stable of allied brands, Barclays noted.
"The allied brands are becoming an increasingly important source of sales growth, contributing about 45% of the company's volume growth this quarter (more on a dollar basis)," the firm said.
Shares of Dr Pepper Snapple are increasing by 0.43% to $90.77 on Thursday morning.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, growth in earnings per share and increase in net income.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: DPS