Pentair price target raised to $92 from $90 at Oppenheimer

Oppenheimer analyst Bryan Blair raised the firm’s price target on Pentair (PNR) to $92 from $90 and keeps an Outperform rating on the shares. Pentair’s shares are now about flat vs. 6/24, having recovered from a high-single-digit pullback stemming from Pool Corp.’s (POOL) preannouncement. Although the firm understands Pool Corp. serves as a proxy for industry demand, it believes persistent concerns excessively discount the fundamental implications for Pentair’s high-ROS Pool business and afford a continued/attractive buying opportunity on a quality water name with normalized double-digit earnings prospects. Oppenheimer remains confident Pentair will successfully navigate sluggish residential demand, with transformation and early-stage 80/20 implementation supporting bottom-line strength.