In a report published Wednesday, Bank of America analyst Andrew Obin initiated coverage on Pentair Ltd. PNR with a Buy rating and $78.00 price target.
In the report, Bank of America noted, “We initiate on Pentair (PNR) with a Buy rating and $78 PO, as we think the company's transformative acquisition of Tyco's valves & controls business repositions the company as a multi-industrial name with upside potential for savings from integration and standardization. We think that management's 2015 synergy goals and $5.00 EPS target are broadly achievable – we forecast $4.89 v. consensus $4.83. The EPS goal does not include any unannounced capital redeployment, which would likely provide upside to our estimates (a $2bn buyback can add an incremental ~$0.50 to 2015E EPS). Fully achieving Pentair's total internal synergy opportunity can add another ~$0.60 of incremental EPS in 2015.”
Pentair Ltd. closed on Tuesday at $64.74.
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