Pentair price target raised to $93 from $85 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Pentair to $93 from $85 and keeps a Neutral rating on the shares. The company reported “record” Q2 results, with margins and EPS exceeding expectations, and while the weakening macro conditions caused the management to lower its 2024 revenue guidance to flat to down vs. up 2%-3% prior, the company raised profit metrics across the board due to its strong operating performance, the analyst tells investors in a research note. Pentair management also expects its strong free cash flow generation to provide optionality around incremental share repurchases and/or bolt-on acquisition, the firm added.