Pentair (PNR) PT Raised to $65 at Stifel Post Analyst Day
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Stifel analyst Nathan Jones raised the price target on Pentair (NYSE: PNR) to $65.00 (from $63.00) while maintaining a Hold rating after attending the company's analyst day where it set out 2025 targets with mid-single digit market growth and an additional 100-200bps of outgrowth from strategic growth initiatives (SGIs).
The analyst stated "Margin targets look achievable (assuming growth is as expected) with Pentair expecting to redeploy additional income into the SGIs to generate the outgrowth." He went on to state "Full year revenue and EPS guidance implies lower 2H21 (vs. 1H21) with management noting 2Q21 has the highest levels of inflation and compensation expense while 2H21 realizes better pricing. The offset looks to be investment in SGIs ramping up in 2H21, without which the EPS guidance looks conservative on the guided revenue levels."
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