Pentair initiated with an Outperform at Wolfe Research

Wolfe Research analyst Nigel Coe initiated coverage of Pentair (PNR) with an Outperform rating and $125 price target Pentair, which “transformed itself into a more focused portfolio” via the spin out of nVent in 2018, is the largest U.S. pool equipment manufacturer and is also a leading supplier of pumps, filtration and other water-related products, the analyst noted. Margin expansion has been “impressive,” but there is further run-way, adds the analyst, who believes a return to volume growth in 2025 can be “a powerful upside catalyst.”