UPDATE: JP Morgan Downgrades Cott Corporation to Neutral on Valuation, Sluggish Trends

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JP Morgan downgraded Cott Corporation
COT
from Overweight to Neutral and maintained a $9.50 price target. JP Morgan noted, "While the stock still is cheap relative to beverage peers, it is up about 40% over the past 12 months (vs. +16% for the S&P). We have also seen US top line trends deteriorate for private label in the CSD and SS Juice categories. With the stock trading at 12.6x NTM estimates (17.1% premium to the 2-year historical average) and weak US top line results, we think that the stock could face pressure as we head into Q4 results, and if revenues don't pick up, potentially through 2013." Cott Corporation closed at $8.75 on Wednesday.
Posted In: Analyst ColorDowngradesPre-Market OutlookAnalyst RatingsJP Morgan
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