Primo Brands price target lowered to $35 from $39 at BMO Capital

BMO Capital analyst Andrew Strelzik lowered the firm’s price target on Primo Brands (PRMB) to $35 from $39 but keeps an Outperform rating on the shares. The firm is tempering Q4 and 2026 estimates on business stabilization investments continuing in the first half and slower-than-modeled customer direct business recovery, though it also maintains its Outperform rating as the customer direct business trajectory is improving even if slower than originally modeled, the analyst tells investors in a research note.