UBS Maintains a 'Neutral' on Pentair (PNR); Cutting Estimates and Price Target

July 11, 2012 11:11 AM EDT Send to a Friend
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Price: $67.19 --0%

Rating Summary:
    13 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 7 | New: 0
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UBS maintains a 'Neutral' on Pentair (NYSE: PNR) price target of $42.00 (from $46.00).

Analyst, Robert Barry, said, "We think a dry 2Q hurt weather-related U.S. pump sales, and weaker manufacturing data suggests down side to Tech Prod. Euro macro, FX pressures likely became more severe in 2Q, but we think PNR’s lowered outlook at 1Q helps mitigate risk to estimates. Warm, dry weather likely helped Pool, and the April Sibrape deal could add 2-3 points to 2Q-4Q sales growth (not in our estimates). We also see 2Q tailwinds on net price, better CPT margins, and mix shift in TP away from telecom."

Q2 EPS estimate cut from $0.82 to $0.81. FY13 EPS estimate cut from $3.06 to $3.00.

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 $38.30 yesterday.


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