Pentair upgraded to Buy from Hold at Stifel

Stifel analyst Nathan Jones upgraded Pentair to Buy from Hold with a price target of $57, up from $46. The analyst also added the shares to the "Stifel Select List." 2022 has been a difficult year for the shares as the overhang from potential demand pull forward during COVID and inventory destocking to come have weighed heavily on investor sentiment, Jones tells investors in a research note. However, the analyst believes "we are approaching the end of the tunnel with clarity likely coming in the next quarter." He expects investor focus to turn to the "transformation savings" coming over the next three years for Pentair. The company is expected to deliver 100 basis points per year of margin expansion while investors should gain clarity on the residential businesses, Jones writes.