Pentair (PNR) PT Raised to $90 at Oppenheimer

Oppenheimer analyst Bryan Blair raised the price target on Pentair (NYSE: PNR) to $90.00 (from $88.00) while maintaining a Outperform rating.

The analyst commented: 'Pentair reported 1Q24 adj. EPS of $0.94, ahead of our/consensus $0.91/0.90 estimates on margin upside (consolidated ROS +80bps vs. our modeling) with notable strength in Flow (+270bps outperformance) and Water Solutions (+90bps) more than offsetting weaker Pool margin (-110bps, influenced by reset spending ahead of construction season growth). Balancing solid 1Q results, strong execution across all three segments, and continued macro uncertainty, management conservatively reiterated 2024 revenue guidance of +2-3% with adj. EPS projected at $4.15-4.25 (midpoint in line with $4.20 consensus). For 2Q24, Pentair guided revenue +1-2% with adj. EPS of $1.15-1.17 (again bracketing $1.16 consensus). Management noted that order rates remain solid, backlog and lead times have been normalizing, and transformation initiatives are tracking as planned (supporting the team's 24%-plus ROS target by 2026)."

You May Also Be Interested In

• Gemini Space Station (GEMI) PT Lowered to $7 at Mizuho
• BTIG Starts ADT (ADT) at Neutral
• Abbvie (ABBV) PT Raised to $300 at Wells Fargo