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Fly News Breaks for February 25, 2019
Feb 25, 2019 | 07:49 EDT
JPMorgan analyst Peter Grom says that while Cott Corp.'s Q4 results were disappointing, the selloff in the shares Friday was an overreaction. Cott is now trading at 9.2 times the analyst's 2019 EBITDA estimate, and he believes the risk/reward is now "even more compelling." Even if Cott's multiple does not expand from here and there is no upside to EBITDA estimates or company guidance, the value that would accrue to the equity alone from the company's cash flow generation and reduction of net debt would still result in mid-teens upside from current levels, Grom tells investors in a research note. He lowered his price target for the shares to $19 from $21 and keeps an Overweight rating on Cott Corp.
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