Primo Water stock downgraded by Raymond James amid strong year-to-date gains
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Raymond James downgraded Primo Water stock from Strong Buy to Outperform, with a price target of $21.00. The company's shares have seen a 19% increase since the beginning of the year. Positive developments for Primo Water include the sale of its European operations to Culligan, a reduction in debt, an expanded share buyback program, and a third consecutive annual dividend increase. However, Raymond James believes that most of the "easy money" has been made with Primo Water's stock and that the company lacks operational catalysts under the new CEO. The potential for mergers and acquisitions is noted as the only significant catalyst on the horizon. Raymond James suggests that an increase in M&A activities would be needed to revise its target price for Primo Water.



https://www.investing.com/news/stock-market-news/primo-water-stock-downgraded-by-raymond-james-amid-strong-yeartodate-gains-93CH-3363114