Market Overview

UPDATE: Citigroup Reiterates Buy, Lowers PT to $42 on Pentair

Citigroup maintains its Buy rating on Pentair (NYSE: PNR) and lowers its price target to $42 from $45 as 4Q11 and 2012 guidance fell short of expectations.

Citi says, “The two primary sources of the near-term operating softness are macro-driven, including Europe (15% of sales) slowing and destocking in the resi water components. We are trimming our 2011/2012 EPS estimates by 6c/20c to $2.40/$2.65 and are reducing our price target by $3 to $42 on the more modest outlook.”

PNR closed at 33.92 per share on Wednesday.

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

Related Articles (PNR)

Around the Web, We're Loving...

Get Benzinga's Newsletters