UPDATE: Jefferies Raises PT on Pentair Following Adjusted 2H Estimates
In a report published Thursday, Jefferies analyst R. Scott Graham reiterated a Buy rating on Pentair (NYSE: PNR), and raised the price target from $63.00 to $68.00.
In the report, Jefferies noted, “Based on comments made by PNR in 2Q and our sense from a recent conversation with PNR, earnings will be more 4Q-oriented owing to seasonal trends in Tyco Flow's businesses. We are adjusting our 2H EPS estimates. There is no change to our full year 2013-2014 forecasts. PNR remains one of our top picks.”
Pentair closed on Wednesday at $60.19.
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