Jefferies reiterated a Hold rating on SodaStream International (NASDAQ: SODA), and raised the price target to $17.00 (from $15.00), following the company's 1Q earnings report. After the stronger than expected 1Q16 results, management guided to 2016 sales “being slightly up y/y” compared to “flat” before. Consensus was at 1.4% revenue growth and we were at -1%. The company reiterated the rest of its high-level commentary on its 2016 outlook. Management also announced that Doug Pritchard, who was responsible for a quick turnaround in the Canada business, has been appointed president of the US business.

Analyst Akshay Jagdale commented, "We are updating our estimates and raising our PT to $17 following the company’s 1Q16 earnings, which were ahead of our estimates and consensus, albeit from a depressed base. Although sales growth trends are starting to head in the right direction, it is too early to predict the sustainability of the sales growth and the company’s sparkling water growth strategy. As such, we prefer to remain on the side-lines for now."

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Shares of SodaStream International closed at $18.53 yesterday.