UPDATE: Canaccord Genuity Reiterates Hold Rating, Raises PT on Pentair

In a report published Wednesday, Canaccord Genuity reiterated its Hold rating on Pentair

, and raised its price target from $45.00 to $48.00. Canaccord Genuity noted, “Post-merger, Pentair pulls back the curtain on impressive and achievable cost synergies and growth initiatives. Productivity keeps $5 in earnings potential intact for '15, even as the outlook for volumes/revenues gets revised lower. Now that '13 guidance is conservatively set, we find management's ability to execute against the Street much improved in the near to medium term and look for an entry point to get constructive.” Pentair closed on Tuesday at $47.60.