Canaccord Adams Maintains a 'Hold' Rating on Pentair (PNR); Raises Price Target & Estimates
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Canaccord Adams maintains a 'Hold' rating on Pentair (NYSE: PNR), raises price target to $33.
Canaccord analyst says, "Despite the continued challenging global economic environment, we are encouraged by the impressive margin performance as conditions look to improve and comparisons get easier. Adjusted EPS from continuing operations of $0.42 (ex. restructuring charges) surpassed the mid-point of guidance, while larger than expected weakness in Technical Products caused revenues to come in below expectations. FCF was very strong at ~$103M, putting the company on track for full-year generation of at least $225M...We maintain our HOLD rating, as in our view the current valuation reflects a balanced risk/reward near term. Still, a relatively healthy balance sheet and a history of 100% net income to FCF conversion keeps us positively inclined longer term. Our F2009 revenue/EPS estimates adjust slightly to $2.65B/$1.43. Our F2010 estimates also adjust to $2.73B/$1.75."
To see more analyst ratings on PNR Click Here.
Pentair, Inc. operates as a diversified industrial manufacturing company primarily in the United States, Europe, and Asia.
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