Primo Brands initiated with a Buy at BofA

BofA analyst Peter Galbo initiated coverage of Primo Brands (PRMB) with a Buy rating and $42 price target The firm expects Primo’s share price to appreciate over the next 12 months as the company delivers on cost synergies, pointing to other positives that include bottled water gaining share of consumption in the U.S. and the company’s “secure” position in market share given that Pepsi (PEP) and Coca-Cola (KO) began de-emphasizing parts of their bottled water portfolios in early 2024.