Second Look: Analysts praise Cott's new strategy

The company also said it will combine some executive positions and eliminate other positions to cut costs.

The news led shares to rise 19 percent Thursday. Friday afternoon, the stock slipped 5 cents to $2.94 as the broader market fell.

Late Thursday, CIBC World Markets analyst Kenric S. Tyghe upgraded Cott to "Sector Outperformer" from "Market Weight," saying in a note to investors that the company's direction "finally makes sense."

Deutsche Bank North America analyst Marc Greenberg wrote in client note Friday that the new focus is a step in the right direction, but "success looks far from certain."

Greenberg said Cott must focus on improving its U.S. business and repairing its relationship with Wal-Mart Stores Inc., which cut the amount of shelf space it allocated to Cott-made drinks earlier this year. Cott makes the retailer's Sam's Choice soda brand.

"Revitalizing the U.S. business and pressured Wal-Mart relationship is in our view the critical variable to stabilizing sales and profits," Greenberg said.