Oscar Gruss Downgrades Pentair (PNR) to Hold; Economic Headwinds May Overshadow Flow Control Acquisition
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Price: $56.43 -1.1%
Rating Summary:
8 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
8 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade PNR Now!
Oscar Gruss downgraded Pentair (NYSE: PNR) from Buy to Hold with a price target of $46.00 (from $44.00).
Analyst, Louis Meyer, said, "The merger with the Flow Control business of Tyco International Ltd. (NYSE: TYC) is expected to be completed as early as 9/28/12; this is a tax-free spin-off wherein TYC shareholders would own 52.5% of the combined company. Special meetings to vote on the transaction are currently scheduled for 9/14/12. Our view is that while the companies continue to perform reasonably well (based on their recent quarterly reports), the negative currency and economic headwinds that buffeted 2Q12 results will likely continue for the remainder of 2012. We believe near term upside is limited as the deal synergies are already incorporated into the PNR share price."
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 $42.91 yesterday, with a 52 week range of $29.73-$48.77.
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Analyst, Louis Meyer, said, "The merger with the Flow Control business of Tyco International Ltd. (NYSE: TYC) is expected to be completed as early as 9/28/12; this is a tax-free spin-off wherein TYC shareholders would own 52.5% of the combined company. Special meetings to vote on the transaction are currently scheduled for 9/14/12. Our view is that while the companies continue to perform reasonably well (based on their recent quarterly reports), the negative currency and economic headwinds that buffeted 2Q12 results will likely continue for the remainder of 2012. We believe near term upside is limited as the deal synergies are already incorporated into the PNR share price."
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 $42.91 yesterday, with a 52 week range of $29.73-$48.77.
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