RBC Capital Cuts Price Target on Pentair (PNR) to $66 Following 3Q Report
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RBC Capital maintained an Outperform rating on Pentair (NYSE: PNR), and cut the price target to $66.00 (from $73.00), following the company's 3Q earnings report. PNR lowered 2016 guidance on lack of seasonal 4Q demand uptick due to “industrial recession”. 2016 EPS guidance was cut by -3.8% to a new point-target of $3.00, and management issued 4Q16 EPS roughly -16% below consensus.
Analyst Deane Dray commented, "We believe that investors may have become a bit too complacent on cyclical risk to Outperform-rated Pentair, especially given the divestiture of Valves to Emerson. But the slower-growth macro exposed Pentair’s vulnerability to the remaining 10% oil mix and broader industrial capex/opex, resulting in a 3Q operating miss and 4Q guidance miss. Early read on 2017 does not assume any macro improvement."
Shares of Pentair closed at $55.92 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings
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