BMO Capital Cuts Price Target on Cott Corp. (COT) to $18 as Shares Trade Down
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BMO Capital maintained a Market Perform rating on Cott Corporation (NYSE: COT), and cut the price target to $18.00 (from $20.00), as the stock trades down. BMO sees the 21% decline in stock price since August as overdone; yet, remains on the sidelines due to a lack of visibility into DSS business.
Analyst Amit Sharm commented, "In response to the double-digit decline in COT stock in the last four weeks, we took a fresh look at our operating assumptions for COT's HOD water/coffee and legacy businesses. While we are modestly lowering our 2016 EBITDA estimate, our cash flow assumptions for 2016/17 remain largely unchanged. While we believe that the selling is overdone, we remain on the sidelines given a lack of visibility in the HOD business, modest organic growth opportunities, and reduced likelihood of materially accretive M&A in the foreseeable future."
Shares of Cott Corporation closed at $13.48 yesterday.
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