Jefferies Cuts Price Target on Cott Corp. (COT) to $14 Following 3Q Report

Jefferies maintained a Hold rating on Cott Corporation (NYSE: COT), and cut the price target to $14.00 (from $17.50), following the company's 3Q earnings report. COT reported revenues of $885M, compared to a +2% Street estimate. Organic sales growth was reported at -2.4%, compared to estimates of -4.2%.

Analyst Kevin Grundy commented, "We are edging up our FY17-18 EBITDA est. by 1-2% post COT's modestly better than expected 3Q results largely owed to less onerous declines than anticipated in the (still-challenged) legacy private label business. Cott is adeptly delivering, though the difficult retail environment (particularly the UK), integration risk from newly acquired businesses, and FX continue to place risk on the co.'s outlook, keeping us on the sidelines. Hold, PT to $14 based on SOTPs."

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 $12.54 yesterday.

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