Primo Brands resumed with a Buy at TD Securities (yesterday)

TD Securities analyst Derek Lessard yesterday resumed coverage of Primo Brands (PRMB) with a Buy rating and $48 price target following the March 12 close of the secondary offering of 45M shares by an affiliate of One Rock Capital Partners. The firm believes Primo’s “solid execution” around cost and revenue synergy capture should deliver “significant” free cash flow over time. This should push the stock’s valuation up closer to its U.S. beverage peers, the analyst tells investors in a research note.