Pentair price target raised to $116 from $111 at Barclays

Barclays analyst Julian Mitchell raised the firm’s price target on Pentair (PNR) to $116 from $111 and keeps an Overweight rating on the shares. The firm sees high investor expectations for the multi-industry sector heading into the Q2 reports. Most companies are positioned to beat estimates and raise guidance despite tepid consumer demand, the analyst tells investors in a research note. However, Barclays sees a neutral risk/reward for stocks in the group despite positive estimate revisions given the recent sector rally.