TD downgrades Pentair on lack of end market recovery

TD Cowen downgraded Pentair (PNR) to Hold from Buy with a price target of $110, down from $115, post the Q2 report. While the company’s guidance was raised, there’s a lack of upside to near-term estimates absent an end market recovery for a stock whose relative valuation is near highs, the analyst tells investors in a research note. TD believes a more neutral stance on shares is appropriate since an end market recovery does not seem imminent.