UBS analyst Stephen Powers lowered his price target for Keurig Green Mountain to $59 from $86 after the company reported brewer volumes were down 18.0% and pod volumes grew only 5% in Q3. Keurig's outlook is "similarly grim," with Q4 earnings expected to decline by almost 30% and FY16 earnings only expected to grow minimally, Powers tells investors in a post-earnings research note. With the stock down 30% in pre-market trading, Powers finds its "fair to wonder" if Keurig is now a value stock. He points out, however, that the company's FY16 guidance is "not fully conservative" and that questions remain if brewer volumes can grow in Q1. Further, the analyst believes upside to the planned $100M KOLD investment is uncertain. All told, Powers thinks the stock's risk/reward is not yet "discernibly positive." He keeps a Neutral rating on Keurig Green Mountain. The stock is down $21.98 to $53.00 in pre-market trading.