UPDATE: Piper Jaffray Lowering Price Target on Pentair
Piper Jaffray is out with a research report on Pentair, Inc. (NYSE: PNR) and it is lowering its price target to $47 from $45, but is keeping its Overweight rating on shares.
In a note to clients, Piper Jaffray writes, "We rate Pentair at Overweight as the company continues to operate well in a difficult environment posting 20% growth in the water segment and 6% in technical products on strong demand in emerging markets and higher than expected growth out of CPT. Our estimate changes reflect geographic headwinds and our new price target reflects those small adjustments. Specific to 3Q, overall results were in line with expectations and the outlook provided indicated a solid finish to the year."
Shares of PNR lost 30 cents on Friday to close at $36.83.
