JMS Downgrades Pentair (PNR) to Neutral
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Janney Montgomery Scott downgrades Pentair (NYSE: PNR) from Buy to Neutral. The firm has a $40 fair value estimate on the stock.
While the firm remains bullish on Pentair over the long-term, it believes the stock's current multiple already reflects recent improvements in costs and productivity. Keeping this in mind, JMS expects shares of Pentair to remain "range-bound for several quarters until the top line shows consistent organic growth."
JMS also remains cautious on Pentair due to the company's large exposure to the U.S. housing and commercial construction markets, which will likely create headwinds, specifically for Pentair's Pool business.
Pentair, Inc. operates as a diversified industrial manufacturing company primarily in the United States, Europe, and Asia.
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