Canadian Imperial Bank of Commerce Cuts Premium Brands (TSE:PBH) Price Target to C$100.00

Key Points

• Canadian Imperial Bank of Commerce cut Premium Brands’ price target from C$115 to C$100, implying 19.13% upside from the stock’s previous close.
• Despite several recent target reductions, analyst sentiment remains positive: 12 analysts rate the stock Buy and one rates it Hold, resulting in a consensus “Moderate Buy” rating and average target of C$116.25.
• Premium Brands shares rose 3.3% to C$83.94, while the company reported C$1.53 in quarterly EPS on C$2.38 billion in revenue; profitability remained modest, with a 0.52% net margin.

Premium Brands (TSE:PBH - Get Free Report) had its target price reduced by Canadian Imperial Bank of Commerce from C$115.00 to C$100.00 in a research note issued to investors on Friday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price objective suggests a potential upside of 19.13% from the stock's previous close.

A number of other brokerages also recently commented on PBH. Ventum Capital increased their price target on Premium Brands from C$124.00 to C$128.00 and gave the company a "buy" rating in a research report on Friday, May 8th. BMO Capital Markets reduced their price objective on Premium Brands from C$118.00 to C$111.00 in a research note on Friday. TD decreased their target price on Premium Brands from C$140.00 to C$130.00 and set a "buy" rating for the company in a research report on Friday. Canaccord Genuity Group lowered their target price on Premium Brands from C$123.00 to C$117.00 in a research note on Friday. Finally, Scotia increased their price target on shares of Premium Brands from C$100.00 to C$110.00 and gave the company a "sector outperform" rating in a research report on Friday, May 8th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Premium Brands presently has a consensus rating of "Moderate Buy" and an average price target of C$116.25.

Premium Brands Stock Up 3.3%

Premium Brands stock traded up C$2.65 during midday trading on Friday, hitting C$83.94. 285,706 shares of the stock were exchanged, compared to its average volume of 169,553. Premium Brands has a 52-week low of C$80.24 and a 52-week high of C$106.79. The company has a quick ratio of 1.16, a current ratio of 1.28 and a debt-to-equity ratio of 163.05. The business's 50-day moving average price is C$88.40 and its 200-day moving average price is C$90.89. The stock has a market capitalization of C$4.36 billion, a price-to-earnings ratio of 93.27, a price-to-earnings-growth ratio of 1.10 and a beta of 0.90.

Premium Brands (TSE:PBH - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported C$1.53 EPS for the quarter. Premium Brands had a net margin of 0.52% and a return on equity of 2.21%. The firm had revenue of C$2.38 billion during the quarter. On average, research analysts expect that Premium Brands will post 6.039823 EPS for the current fiscal year.

About Premium Brands

Premium Brands Holdings Corp is engaged in specialty food manufacturing, premium food distribution, and wholesale businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nevada, and Washington State. The company's business segments include Specialty Foods, Premium Food Distribution, and Corporate. The Specialty Foods segment consists of its specialty food manufacturing businesses, which contributes about two-thirds of the group revenue; the Premium Food Distribution segment consists of the company's distribution and wholesale businesses; the Corporate segment includes the company's head office activities along with its finance and information systems.

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