BUZZ-Primo Brands up after BMO initiates coverage, RBC raises PT
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Primo Brandsshares rose 2% to $31.70 after BMO Capital Markets initiated coverage with an "outperform" rating and a price target (PT) of $40, indicating a 28.7% premium. BMO highlighted strong adjusted EBITDA growth potential due to above-average sales and margin expansion. RBC also raised its PT from $35 to $38, noting growth in Primo's premium brands, Mountain Valley and Saratoga, in a lucrative market segment. The merger with BlueTriton in June created PRMB, which includes well-known water brands.
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