The Globe and Mail reports in its Friday, Nov. 3, edition that CIBC Capital Markets analysts John Zamparo has elevated his recommendation for Primo Water to "outperformer" from "neutral." The Globe's David Leeder writes that Mr. Zamparo gave his share target a $2.50 boost to $20, 13 cents under the consensus (all figures U.S.). The Globe says Mr. Zamparo issued his upgrade after Primo Water announced the sale of its European operations. Mr. Zamparo says in a note: "The deal provides material financial and strategic benefits. Financially, an 11 times transaction multiple was well above our expectation for any deal. On strategy, we believe this business offered more modest growth and few, if any, synergies with U.S. operations. Lower leverage should mean Primo Water appeals to more investors, and this arrangement frees up cash for accretive tuck-ins, organic growth initiatives, and capital returns. Our organic growth forecasts for next year have moderated, and we acknowledge risk of a pending CEO transition, but the benefits of the strategic shift underway combine with reasonable valuation (just 7.5 times pro forma EBITDA vs. an average of 9.5 times since 2018) to create an enticing option for investors."