Pentair price target raised to $92 from $82 at KeyBanc

KeyBanc raised the firm’s price target on Pentair to $92 from $82 and keeps an Overweight rating on the shares. Following Pentair’s 2024 investor day, the firm was impressed by the path laid out by management to achieve the strong margin growth implied in the targets, driven by sourcing improvements and operational excellence initiatives with plenty of room for upside. As such, KeyBanc walked away with incremental conviction in its long-term thesis and sees Pentair continuing to re-rate higher as investors better appreciate the attractive long-term margin story paired with positive near-term set-up.