Pentair just upgraded at KeyBanc, here’s why

KeyBanc analyst Jeffrey Hammond upgraded Pentair to Overweight from Sector Weight with an $82 price target. The analyst says Pentair’s “attractive backdrop is underappreciated at current levels.” While end market dynamics remain challenging, pool is positioned to return to solid growth in 2024 regardless of likely sustained market weakness as attractive and structural margin improvement sustains more broadly, the analyst tells investors in a research note. The firm says Pentair shares should re-rate higher with a valuation below peers.