Market Overview

UPDATE: UBS Investment Research Reduces PT to $42 on Pentair on Q2 Weather Headwinds to Pump Sales

Share:
Related PNR
Benzinga's M&A Chatter for Monday August 17, 2015
Benzinga's Top Downgrades
AGCO Introduces Go-Task App for Easier Data Management (Zacks)

UBS Investment Research reiterated its Neutral rating on Pentair (NYSE: PNR) and lowered its price target from $46 to $42 on sales headwinds for the second quarter.

UBS Investment Research noted, "We think a dry 2Q hurt weather-related U.S. pump sales, and weaker mfg data suggests down side to Tech Prod. Euro macro, FX pressures likely became more severe in 2Q, but we think PNR's lowered outlook at 1Q helps mitigate risk to estimates. Warm, dry weather likely helped Pool, and the April Sibrape deal could add 2-3 points to 2Q-4Q sales growth (not in our estimates). We also see 2Q tailwinds on net price, better CPT margins, and mix shift in TP away from telecom."

Pentair closed at $38.30 on Tuesday.

Latest Ratings for PNR

DateFirmActionFromTo
Jul 2015JefferiesDowngradesBuyHold
Jul 2015William BlairDowngradesOutperformMarket Perform
Jul 2015Stifel NicolausMaintainsBuy

View More Analyst Ratings for PNR
View the Latest Analyst Ratings

Posted-In: UBS Investment ResearchAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

Related Articles (PNR)

Get Benzinga's Newsletters