Pentair price target raised to $80 from $78 at Oppenheimer

Oppenheimer analyst Bryan Blair raised the firm’s price target on Pentair to $80 from $78 and keeps an Outperform rating on the shares. Pentair’s Q2 dadjusted EPS beat expectations on better than expected top line and ROS in Water Solutions and IFT, partially offset by lower than modeled Pool sales, the analyst tells investors in a research note. Strong baseline profitability, easy comps beginning in Q4, significantly underappreciated growth/earnings potential in Water Solutions, upside leverage from transformation drop-through, and re-rating prospects all support continued upside for shares, the firm says.