KeyBanc Upgrades Pentair (PNR) to Buy; Organic Growth Potential in Water Still Largely Untapped
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KeyBanc upgrades Pentair, Inc. (NYSE: PNR) from Hold to Buy with a $37 price target.
KeyBanc analyst says, "As we identified in our August 10, 2009 initiation, our key impediments to becoming more constructive on shares were margin risk surrounding the Company's Technical Products business and what we had viewed as a valuation premium based on PNR's exposure to high growth potential markets within Water (relative to its historical growth rates). While we maintain a conservative view on the growth prospects of the Water business in the context of valuation, we nonetheless view margin execution in both Technical Products and Water as impressive, evidenced by 3Q09 results. Furthermore, we view current margin progress as sustainable and believe management is poised to retain much of its cost savings as volumes recover...Maintaining our 2009E of $1.43; including a 4Q09E of $0.42; Increasing our 2010E to $1.85 (from $1.80)."
To see more analyst ratings on PNR Click Here.
Pentair, Inc. operates as a diversified industrial manufacturing company primarily in the United States, Europe, and Asia.
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