Primo Brands, the owner of the popular bottled-water brand Saratoga Springs, is expected to gain ground as it increases its retail push, according to Jefferies. The investment firm upgraded the stock to buy from hold and increased its price target to $25 from $24, suggesting roughly 40% upside. Analyst Kaumil Gajrawala noted that Primo's forward-adjusted EBTDA guidance for fiscal year 2026 is considered conservative, as many growth levers are at play. However, shares have fallen 48% over the past 12 months. The company's retail sales are expected to grow by around 2.5% in the coming years.