Stifel Upgrades Pentair (PNR) to Buy
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Stifel analyst Nathan Jones upgraded Pentair (NYSE: PNR) from Hold to Buy with a price target of $45.00.
The analyst comments "We expect price/inflation/productivity to be better than neutral in 2019 with outgrowth to come from growth investments and the potential for improved incremental margins as Pentair catches up with inflationary pressures. This leaves us with the feeling that the outlook for Pentair is more positive than it has been in several years. Add to that a balance sheet in very good shape (1.3x net debt/2018E EBITDA) and Pentair has solid financial flexibility to re-enter the M&A market or continue returning capital through share buybacks."
Shares of Pentair closed at $38.76 yesterday.
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