Primo Brands Maintained at Buy as Integration Improves and Growth Normalizes; $29 Price Target Reaffirmed

TD Cowen analyst Derek Lessard has maintained their bullish stance on PRMB stock, giving a Buy rating on April 13.

Derek Lessard has given his Buy rating due to a combination of factors, including evidence that Primo Brands is moving past its toughest integration issues while underlying customer demand is gradually improving. He sees direct delivery operations steadily recovering, with service metrics such as on-time fulfillment and call volumes normalizing, and expects this segment to return to modest growth in the second half of the year.

At the same time, retail performance appears robust, supported by healthy scanner data, market share gains, premium product growth, and incremental distribution, which together underpin modest sales growth in the near term. Looking further out, he believes the company can resume its typical growth profile by 2027, delivering mid-single-digit revenue expansion, over $1 billion in annual free cash flow, and demonstrating resilience to higher freight and oil costs, which supports maintaining his $29 price target.

Lessard covers the Consumer Cyclical sector, focusing on stocks such as MTY Food Group, Boyd Group Services, and Dorel Class B. According to TipRanks, Lessard has an average return of -1.3% and a 47.71% success rate on recommended stocks.

In another report released on April 13, Barclays also assigned a Buy rating to the stock with a $24.00 price target.