UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Pentair
In a report published Wednesday, Citigroup reiterated its Buy rating on Pentair (NYSE: PNR), and raised its price target from $44.00 to $49.00.
Citigroup noted, “We are increasing our target price from $44 to $49 to reflect our shift in our sector valuation. We continue to assume the large-cap MI-EE group should trade for 14.0x EPS, but are now applying this to our 2013 EPS estimate including $0.36 of Tyco Flow accretion instead of the blend of 2012/2013 that we used previously. Our PNR target continues to assume the shares trade for a 5% premium to the target group multiple, near the midpoint of its (5%) to 15% historical relative range.”
Pentair closed on Tuesday at $43.41.
Latest Ratings for PNR
|Jan 2017||Vertical Research||Upgrades||Hold||Buy|
|Jan 2017||JP Morgan||Upgrades||Neutral||Overweight|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.