Primo Water price target raised to $26 from $24 at CIBC

CIBC raised the firm’s price target on Primo Water to $26 from $24 and keeps an Outperformer rating on the shares. The firm notes that Primo’s deal for Blue Triton is not without question marks, but says ultimately it considers the synergies worth the deal’s various drawbacks, including significant exposure to retail, eventual sales from private equity, and the risk of not closing. Nonetheless, should this deal fall through for regulatory concerns, CIBC believes the existing Primo business has enough positive catalysts to remain attractive to investors.