Seems there's an easier way, at least in Kendo UI v2015.2.624:
$('#myDropDownSelector').data('kendoDropDownList').search('Text value to find');
If there's not a match in the dropdown, Kendo appears to set the dropdown to an unselected value, which makes sense.
I couldn't get @Gang's answer to work, but if you swap his value
with search
, as above, we're golden.