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On Monday, Truist Securities began coverage of Primo Brands Corp. (NYSE: PRMB) with an optimistic outlook, assigning the stock a Buy rating and setting a price target of $42.00. Currently trading at $367.20, within its 52-week range of $207.44 to $569.87, the stock has gained 14.07% year-to-date. The firm’s analyst cited several factors for the positive stance, including the company’s strong market position and the anticipated benefits of its recent merger.
Primo Brands, a leading player in the U.S. bottled water market, emerged from the combination of Primo Water (NYSE:PRMB) and BlueTriton, the latter previously owned by One Rock Capital Partners (WA:CPAP) and Metropoulous & Co. The company boasts a portfolio of 13 core brands, among them billion-dollar names such as Pure Life and Poland Spring, and it operates across a wide range of retail channels as well as its own direct-to-consumer platform.
The analyst from Truist Securities highlighted that the current share price does not fully reflect the potential advantages of the merger. The company’s positioning allows it to capitalize on current consumer trends, including the increasing demand for high-quality water and health-conscious products, as well as the trend toward premium products. For deeper insights into Primo Brands’ valuation and growth potential, InvestingPro subscribers can access exclusive analysis and detailed financial metrics in our comprehensive Pro Research Report.
Truist Securities provided initial revenue estimates for Primo Brands, projecting $7.003 billion for the fiscal year 2025 and $7.281 billion for fiscal year 2026. The firm also forecasted EBITDA of $1.604 billion for fiscal year 2025 and $1.747 billion for the following year. The analyst noted that Primo Brands has yet to provide comprehensive income statement data for quarterly comparisons, which could offer further insights into the company’s financial trajectory. Investors can mark their calendars for the next earnings release scheduled for April 25, 2025, with InvestingPro offering real-time updates and expert analysis of the results.
In other recent news, Primo Brands has reported significant developments that investors should note. The company released unaudited pro forma financial information following its merger with Triton Water Parent, Inc., offering insights into the potential financial impact of the business combination. Moody’s Ratings recently downgraded Primo Water Holdings Inc.’s non-tendered backed senior unsecured notes from B1 to B3, though the outlook remains positive, reflecting expectations of revenue and earnings growth. Additionally, Primo Brands has completed the exchange of existing senior notes for new secured and unsecured notes, optimizing its capital structure and extending its debt maturity profile.
In a strategic financial move, an affiliate of One Rock Capital Partners announced a secondary offering of 45 million shares of Primo Brands’ Class A common stock, with underwriters having the option to purchase additional shares. Concurrently, Primo Brands plans to repurchase 4 million shares using available cash, contingent on the offering’s completion. The company’s Saratoga Spring Water gained attention after a viral TikTok video, leading to increased interest in Primo Brands. These recent developments highlight the company’s ongoing efforts to strengthen its financial position and expand its market presence.
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