Wedbush Reiterates Outperform on Pool Corp. (POOL) Following 3Q Report
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Wedbush maintained an Outperform rating on Pool Corp (NASDAQ: POOL), and cut the price target to $109.00 (from $115.00), following the company's 3Q earnings report. POOL reported net revenue of $691.4 million, beating $689.4 million estimates. Adjusted EPS of $1.03 tops estimates by $0.05. Improved visibility into the seasonally-weaker 4Q allowed the company to lift CY16 EPS to $3.40-3.46, up 1.6% from prior midpoint.
Analyst Al Kaschalk commented, "With scale and as value added distributor of swimming pool supplies, equipment and related outdoor leisure products, we view shares of Pool Corporation (POOL) as a core holding for mid-capitalization portfolios. Further, POOL’s market share and scale which lends itself to relative advantages operationally and purchasing efficiencies, we believe POOL can grow EPS in the range of 15-18% over the mid-term. Given high conversion of net income to cash flow from operations, management is able to fund a disciplined acquisition strategy and provide consistent returns to shareholders via growing dividend and share repurchases. Importantly, POOL’s recent volume additions and cost controls, management believes its weakest quarter is now positioned to be at least breakeven absent any significant weather disruption."
Shares of Pool Corp closed at $91.28 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Definitive Agreement, Al Kaschalk
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