B.Riley FBR analyst Kara Anderson reiterated a Buy rating on Primo Water Corp (NASDAQ: PRMW) today and set a price target of $22. The company’s shares opened today at $17.74.
Anderson wrote:
“We expect to report 2Q in line with or better than consensus. The company will release results on and will hold a conference call to discuss earnings at 4:30PM ET, which can be accessed by dialing (866) 712-2329. We forecast 2Q18 revenue of $73.2 million and adjusted EBITDA of $15.1 million which compares to consensus $73.3 million and $14.9 million and guidance ranges of $70.5-$73.5 million and $14.7-$15.1 million, respectively. In May Primo completed a follow-on public offering for net proceeds of $70.8 million which it utilized to pay down and ultimately refinance its debt, nearly cutting its annual interest expense in half, which we expect will be deployed to accelerate growth initiatives as highlighted in our note published June 26, 2018.”
According to TipRanks.com, Anderson is a 4-star analyst with an average return of 13.4% and a 53.8% success rate. Anderson covers the Services sector, focusing on stocks such as Weight Watchers International, Spark Networks Plc, and Nutrisystem Inc.
Primo Water Corp has an analyst consensus of Strong Buy, with a price target consensus of $21.
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The company has a one-year high of $19.23 and a one-year low of $10.47. Currently, Primo Water Corp has an average volume of 421.5K.
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Primo Water Corp. is provider of multi-gallon purified bottled water, self-service refill water and water dispensers sold. It operates through the following segments: Refill, Exchange, and Dispensers.
