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UPDATE: KeyBanc Capital Markets Upgrades Pentair Following Analyst Meeting

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In a report published Friday, KeyBanc Capital Markets analyst Jeffrey D. Hammond upgraded the rating on Pentair Ltd. (NYSE: PNR) from Hold to Buy, and named an $80.00 price target.

In the report, KeyBanc Capital Markets noted, “PNR's analyst meeting crystallized a couple key tenets of our more positive view. First, there is considerable low hanging fruit within the Tyco Flow businesses, which should allow the Company to continue to exceed synergy targets. Along these lines, PIMS (Pentair Integrated Management System) implementation (the area in which synergies were most conservative) appears to be running ahead of schedule. Second, we see opportunity for accelerating growth in both Thermal and Valves & Controls based on a sizable number of mega projects (that are not included in PNR's framework), an opportunity to capture greater aftermarket growth within Valves & Controls, and our expectation that larger process projects will begin to move ahead after a period of slippage. We believe all of this supports growth at or above stated targets for both businesses.”

Pentair Ltd. closed on Thursday at $69.74.

Latest Ratings for PNR

DateFirmActionFromTo
Jan 2015BairdDowngradesOutperformNeutral
Jan 2015JP MorganMaintainsOverweight
Dec 2014JefferiesMaintainsBuy

View More Analyst Ratings for PNR
View the Latest Analyst Ratings

Posted-In: Jeffrey D. Hammond KeyBanc Capital MarketsAnalyst Color Upgrades Analyst Ratings

 

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