Primo Water Corp Gets a Buy Rating from Barrington


Barrington analyst Michael Petusky maintained a Buy rating on Primo Water Corp (NASDAQ: PRMW) today and set a price target of $20. The company’s shares closed yesterday at $17.

Petusky said:

“We are currently expecting second quarter revenue of $73.2 million. Management’s guidance for Primo’s top-line performance in the second quarter is $70.5-73.5 million. Our top-line estimate includes $62.9 million in water-related sales (both exchange and refill) versus the $62.3 million generated in last year’s comparable period and $10.3 million in dispenser sales versus the $12.5 million in revenue delivered in Q2/17. It is important to note that last year’s Q2 dispenser sales were unusually strong and were helped by the timing of certain orders by key customers. Finally, the air temperature throughout much of the U.S. in May and June was solidly above-average. For instance, in Winston-Salem, NC (Primo Water HQ), average high temperatures in May and June were above-average 49 out of 61 days.”

According to TipRanks.com, Petusky is a 4-star analyst with an average return of 16.8% and a 64.3% success rate. Petusky covers the Healthcare sector, focusing on stocks such as Anika Therapeutics Inc, Varian Medical Systems, and Merit Medical Systems.

Currently, the analyst consensus on Primo Water Corp is a Strong Buy with an average price target of $21, a 23.5% upside from current levels. In a report issued on June 26, B.Riley FBR also reiterated a Buy rating on the stock with a $22 price target.

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Primo Water Corp’s market cap is currently $527.1M and has a P/E ratio of 85. The company has a Price to Book ratio of 7.93.

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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.

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