Wedbush Upgrades Pentair (PNR) to Outperform; Announced Acquisition Strengthens Long-term Value Proposition
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Price: $66.16 -1.06%
Rating Summary:
17 Buy, 15 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
17 Buy, 15 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush upgraded Pentair (NYSE: PNR) from Neutral to Outperform. PT increased from $43 to $47.
Wedbush analyst says, "We believe the planned acquisition of Norit’s Clean Process Technologies provides Pentair with one of the preeminent brands in ultra filtration (UF) technology and is a meaningful strategic step to creating value for Pentair shareholders. In our view, investors will increasingly appreciate the transformation of Pentair from a sleepy pump company to one of the more relevant players in the water segment with proprietary filtration technology."
"Dilutive in 2011 after charges and accretive in 2012 — adjusting estimates
accordingly. Management suggests the acquisition could see $0.15-$0.20 in
accretion for 2012. We are slightly more conservative, but are raising our estimates to $2.90 from $2.78. As a result of acquisition-related expenses, increased D&A and inventory step-up, we our reducing our estimate to $2.21 from $2.32."
For more ratings news on Pentair click here and for the rating history of Pentair click here.
Shares of Pentair closed at $38.50 yesterday.
Wedbush analyst says, "We believe the planned acquisition of Norit’s Clean Process Technologies provides Pentair with one of the preeminent brands in ultra filtration (UF) technology and is a meaningful strategic step to creating value for Pentair shareholders. In our view, investors will increasingly appreciate the transformation of Pentair from a sleepy pump company to one of the more relevant players in the water segment with proprietary filtration technology."
"Dilutive in 2011 after charges and accretive in 2012 — adjusting estimates
accordingly. Management suggests the acquisition could see $0.15-$0.20 in
accretion for 2012. We are slightly more conservative, but are raising our estimates to $2.90 from $2.78. As a result of acquisition-related expenses, increased D&A and inventory step-up, we our reducing our estimate to $2.21 from $2.32."
For more ratings news on Pentair click here and for the rating history of Pentair click here.
Shares of Pentair closed at $38.50 yesterday.
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