UPDATE: Wedbush Raises PT to $56 on Pentair; Outlook Intact

Wedbush reiterated its Outperform rating on Pentair (NYSE: PNR) and raised its price target from $54.00 to $56.00.

Wedbush noted, "Synergy targets remain on track, although greater benefits to be realized in back-half of year. Though the quarter was messy, as expected, operating results were essentially in line. The $90 million goal in cost synergies appears to be on track as most of the repositioning actions have taken place in Q4. However, most of these benefits will accrue to the company in the second half, with no material benefit in Q1 as consensus anticipated."

Pentair closed at $50.71 on Tuesday.

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