UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Pentair Ltd. Following Houston Analyst Event

In a report published Thursday, Jefferies analyst R. Scott Graham reiterated a Buy rating on

, and raised the price target from $79.00 to $82.00. In the report, Jefferies noted, “We attended PNR's analyst event in Houston. The event focused on unbundling the Tyco Flow businesses. We have edged up our forecasts and reiterate our BUY rating...The CEO reiterated PNR's $5/sh EPS target for 2015. He and the CFO were pretty emphatic in $5/sh-plus. We believe the meeting supported upside to the synergy target and we have edged up our 2014 and 2015 estimates. The CEO also said the ‘journey' doesn't end at $5/sh.” Pentair Ltd. closed on Wednesday at $68.45.