Jefferies upgraded Primo Brands Corp. (NYSE: PRMB) to Buy from Hold and assigned a $25 price target, with shares rising more than 2% in pre-market trading Friday.
The firm said Primo offers a compelling combination of value, growth potential, and earnings visibility. Entering 2026 on stronger footing, the company’s narrative appears to be shifting from stabilization toward optimization, with increased focus on retail growth opportunities.
Jefferies highlighted multiple growth drivers supporting the business and indicated that the company’s 2026 guidance appears not only achievable but potentially conservative. The analyst expects revenue growth to accelerate throughout the year.
At approximately 10x projected 2028 earnings, the firm believes the current valuation does not fully reflect the company’s earnings power, which it estimates to grow at a 10% compound annual rate over three years.
