UPDATE: Stifel Nicolaus Downgrades Cott Corporation to Hold on Valuation, Topline Trends
Stifel Nicolaus reduced its rating on Cott Corporation (NYSE: COT) from Buy to Hold and suspended its previous $10 price target.
Stifel Nicolaus commented, "Metrics continue to be attractive versus peers (e.g., 6.2x 2013E EBITDA), but the shares have performed well year-to-date, up 37.4%, versus a 12.1% increase for the S&P500. … 3Q produced disappointing revenues (e.g., North America volume down 11%, estimated down 2%), and scanner data across channels and for Wal-mart, Cott's largest customer (approximately 32% of revenue), shows more of the same so far in 4Q. … Insider activity since summer has been lopsided in favor of selling."
Cott Corporation closed at $8.60 on Monday.
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