Pentair upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Julian Mitchell upgraded Pentair to Overweight from Equal Weight with a price target of $55, up from $48. The analyst continues to have a neutral view on U.S. multi-industry stocks into 2023, although he says he’s more optimistic than many investors. Mitchell favors stocks exposed to U.S. residential construction, companies offering value from portfolio change and beneficiaries of easing supply chains. He believes Pentair will benefit from easing supply chains and says the stock is among his key picks for residential exposure.