Pentair price target lowered to $115 from $122 at Oppenheimer

Oppenheimer lowered the firm’s price target on Pentair (PNR) to $115 from $122 and keeps an Outperform rating on the shares. The firm notes shares fell 10.2% after Pentair reported Q1 adjusted EPS of $1.22 and held guidance minimally changed absent a slightly lower growth outlook for its Pool segment. Oppenheimer views related concerns as materially overdone, sees the through-the-cycle PNR story as intact, and recommends buying the pullback.