J.P. Morgan Reiterates Overweight, $11 PT On Cott

In a note out today, J.P. Morgan reiterated an overweight rating and $11 price target on Cott

, the beverage maker. The bank lowered its fourth-quarter profit estimate on Cott to breakeven from earnings of five cents a share, citing a stronger U.S. dollar and weak juice sales. “We rate Cott overweight at 5x our 2012 ebitda estimate and 9x our 2012 EPS estimate. Our ebitda estimate for 2011 & 2012 is $220M and $235M, respectively. We would expect the multiple to improve as macro pressures ease and the company continues to pay down debt,” the bank said in the note. The bank said it's also modeling $82 million in free cash flow for 2011, which may prove conservative, and forecast 2012 EPS of 70 cents.