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Oppenheimer has published a research report on Pentair
PNR after meetings with company management that portray a forthcoming of market expansions.
In the report, Oppenheimer writes, "We met with management and discussed strategic points of emphasis, and came away with the view that decent overall demand stability affords a backdrop for executing on PNR's defined long-range plan. While a sluggish economy may prove some near-term hindrance to target for 100 bps GM expansion/year, we expect strategies for continued proliferation of served niche markets, mix improvement, price/cost management, and CPT integration all generate fertility in 2012. 2011E R&D (~$80M) is up about 20% y-o-y, and up 35% vs. the flattish levels from '06-'09."
Oppenheimer maintains its Perform rating and $41 price target on Pentair, which closed yesterday at $37.23.
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