Pentair price target raised to $82 from $80 at Oppenheimer

Oppenheimer raised the firm’s price target on Pentair to $82 from $80 and keeps an Outperform rating on the shares. The firm believes Pentair’s residential demand will likely inflect over the coming quarters, commercial product/service lines continue to outgrow a healthy market, and industrial exposures remain in growth mode. All in, Oppenheimer likes the team’s chances to meet near-term expectations and return to solid growth in 2024, with Pentair’s easing resi-centric comps, resilient R&R-weighted sales, favorable price/cost, and ramping transformation benefits affording material upside vs. forward estimates. Given that setup and Pentair’s valuation discount vs. water sector comps, the firm expects continued share price outperformance.