RBC Capital Cuts Price Target on Pentair (PNR) to $66 Following 3Q Report

October 26, 2016 8:07 AM EDT
Get Alerts PNR Hot Sheet
Price: $60.64 -1.16%

Rating Summary:
    9 Buy, 19 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 18 | New: 19
Trade PNR Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

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."

For an analyst ratings summary and ratings history on Pentair click here. For more ratings news on Pentair click here.

Shares of Pentair closed at $55.92 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

RBC Capital, Earnings

Add Your Comment