Wedbush Reiterates Outperform on Pool Corp. (POOL) Following Channel Checks
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Wedbush reiterated an Outperform rating and $115.00 price target on Pool Corp (NASDAQ: POOL) following channel checks. The checks imply 3Q sales growth of 7.8% or 100bps above expectations. POOL is scheduled to release 3Q16 earnings results on October 20, 2016 with a conference call at 11am EDT.
Analyst Al Kaschalk commented, "With scale and as a value-added distributor of swimming pool supplies, equipment and related outdoor leisure products (Blue Business) and a recurring cash flow model, we view shares of Pool Corporation (POOL) as a core holding for mid-capitalization portfolios. POOL’s estimated ~44% market share lends itself to scale advantages, including purchasing and distribution efficiencies when combined with a large installed base of swimming pools, growth in US singlefamily housing, and its growing Irrigation and Landscape (Green business) segment; we look for POOL’s EPS CAGR to be in the 15-18% range over the midterm. With 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."
Shares of Pool Corp closed at $94.52 yesterday.
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