Pentair upgraded to Neutral at BofA on greater margin visibility

As previously reported, BofA upgraded Pentair to Neutral from Underperform with a price target of $76, up from $46. The firm sees earnings upside relative to Street estimates given greater visibility into margin expansion, the analyst tells investors. Residential pools, which are a key driver of earnings and sentiment, should return to growth in 2024, but other cyclical concerns and restructuring risks keep the firm Neutral on the shares, the analyst added.