Pentair price target lowered to $99 from $103 at RBC Capital

RBC Capital lowered the firm’s price target on Pentair (PNR) to $99 from $103 but keeps an Outperform rating on the shares. The firm cuts its FY24 and FY25 EPS view on the company by 15c to $4.10 and $4.60 respectively after its main distributor/customer Pool Corp. (POOL) negatiavely pre-announced its Q2 earnings due to weaker new pool build and remodel categories, the analyst tells investors in a research note. RBC notes however that the stock is already trading at a 24% discount relative to its peers vs. the 10% to 40% historical discount range.