Seaport Research analyst Scott Graham initiated coverage of Pentair (PNR) with a Buy rating and $88 price target. Since the 2018 spin out nVent (NVT), management has “upgraded all aspects of the company’s model,” the analyst tells investors. The firm, which believes pool markets will improve in 2024 and 2025, argues that the stock trades at a large discount to peers, which it believes is “compelling heading into a pool upturn,” the analyst added.
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