Wedbush Maintains Outperform, Cuts PT to $45 on Pentair
Wedbush reiterates its Outperform rating on Pentair (NYSE: PNR) and lowers its target price to $45 from $47 in light of reduced guidance for the fourth quarter.
Wedbush says, “While Q4 guidance is clearly disappointing, revenue guidance for 2012 is essentially in-line with our previous estimates, suggesting the overall drivers are generally intact. We expect approximately 9% revenue growth, driven by the CPT acquisition, growth in emerging markets, strength in energy and agriculture, new products, and a strong residential replacement market.”
PNR closed at $33.92 per share on Wednesday.
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