Mizuho initiated coverage of Primo Brands (PRMB) with an Outperform rating and $43 price target A leading U.S. branded beverage company, following the November 2024 merger with BlueTriton, Primo’s pure-play water portfolio is “poised to benefit” from the structural growth of “healthy hydration,” the analyst tells investors in a research note. The firm says the shift from sweetened beverages has been underway for 30 years, and that flavor innovation, focus on unhealthy ingredients, and concerns for tap water quality will maintain growth for bottled water. Primo is “strongly positioned” to benefit from macro tailwinds via its high diversification spanning sales channels, price points, and package sizes, contends Mizuho.
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