Pentair price target raised to $120 from $118 at Oppenheimer

Oppenheimer analyst Bryan Blair raised the firm’s price target on Pentair (PNR) to $120 from $118 and keeps an Outperform rating on the shares. The firm notes Pentair’s shares ended the day flat after declining -7% during the first hour of the trade. Oppenheimer attributes initial weakness to the relative surprise/noise of Pentair’s KBI divestiture and extrapolation of management commentary on still-sluggish Pool volumes. The stock’s recovery made sense, in the firm’s view, given the team’s solid Q2 beat, potentially conservative raise, and increasingly strong/transformation-aided positioning to leverage a recovery in residential demand.