Pentair price target raised to $78 from $72 at Oppenheimer

Oppenheimer raised the firm’s price target on Pentair to $78 from $72 and keeps an Outperform rating on the shares. The firm believes Pentair’s residential demand is bottoming, commercial product/service lines continue to solidly outgrow a healthy market, and industrial exposures remain firmly in growth mode. All in, Oppenheimer likes the team’s chances to meet/exceed near-term expectations with Pentair’s easing comps, resilient/replacement-weighted sales, favorable price/cost, and ramping transformation benefits affording material upside versus forward estimates. Given that setup and Pentair’s notable valuation discount versus water sector comps, the firm expects continued share price outperformance.