RBC Capital Cuts Price Target on Pentair (PNR) to $66 Following 3Q Report
- Wall Street gains, helped by oil, economic data
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Unusual 11 Mid-Day Movers 12/5: (NVCN) (BCEI) (MEMP) Higher; (GTXI) (CERC) (HDSN) Lower
- Oil hits 16-month high in buying rush after OPEC agreement
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."
Shares of Pentair closed at $55.92 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
- Instinet Raises Price Target on Noble Energy (NBL) to $44; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!