Jefferies Raises Price Target on Cott Corp. (COT) Following 1Q Earnings Report

Jefferies reiterated a Hold rating on Cott Corporation (NYSE: COT), and raised the price target to $15.50 (from $13.00), following the company's 1Q earnings report. Cott reported mixed 1Q results, with revenues of $313M coming in 1% ahead of the Street. North America revs (+0.7% vs. Street) came in generally in line, while the UK (+5.8% vs. Street) came in well above on -3.7% org sales declines.

Analyst Kevin Grundy commented, "We are making modest adj. to our FY16-18 EBITDA est. post COT's mixed 1Q (May 5th). The co.'s 5% EBITDA miss in 1Q vs. the Street largely owed to investment behind strong new customer growth at DS - a high class problem for investors. At 8.5x NTM EV/EBITDA, shares look cheap vs. staples, but reasonable on SOTPs basis vs. more relevant distributors. Hold, PT to $15.50."

For an analyst ratings summary and ratings history on Cott Corporation click here. For more ratings news on Cott Corporation click here.

Shares of Cott Corporation closed at $14.76 yesterday.

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