Primo Brands price target raised to $40 from $32 at TD Securities

TD Securities analyst Derek Lessard raised the firm’s price target on Primo Brands (PRMB) to $40 from $32 and keeps a Buy rating on the shares. The stock has re-rated following its merger with BlueTriton Brands, which lead to an increase in market cap and a wider investor bas, the analyst tells investors in a research note. The firm upped Primo’s price target to reflect the higher valuation. It sees more upside, saying the company should exceed its original $200M synergy target.