Jefferies & Company Reiterates Buy Rating, $54 PT on Pentair

In a report published Wednesday, Jefferies & Company reiterated its Buy rating and $54.00 price target on Pentair

. Jefferies noted, “PNR's analyst meeting hit the mark, in our view. Management provided guidance for 2013 that captured Street expectations. It lowered the LT sales growth goal but increased the merger synergy target to offset. There is significant heavy lifting ahead, but we believe key targets can be met.” Pentair closed on Tuesday at $47.60.