UPDATE: Piper Jaffray Lowers PT on Pool Corp from $30 to $28

Piper Jaffray has published a report on Pool Corp.

reiterating their Neutral rating and lowering their price target from $30.00 to $28.00. In the report, Piper Jaffray wrote, "While encouraging top-line growth emerged in Pool's 2Q results, operating leverage was relatively restrained by higher than expected SG&A, driven largely by the majority of annual incentive compensation expenses hitting during the quarter. The somewhat disappointing operating leverage (in our view), combines with a cautious outlook for the balance of FY11 to keep us on the sidelines at this stage. We have adjusted estimates to reflect management's comments regarding operating expenses for 2H11. Our price target goes to $28 from $30 primarily reflecting a more reserved view of 2H11 resulting in our revised $1.40 EPS estimate. Our new price target remains based on 17x's our new FY12 EPS of $1.66." Piper Jaffray rated Pool Corp. a Neutral with a price target of $28.00. Pool Corp. closed Thursday at $28.05.