UPDATE: Stifel Initiates Coverage on Pentair as Company Evolution is Complete

In a report published Wednesday, Stifel analyst Nathan Jones initiated coverage on Pentair Ltd. (NYSE: PNR) with a Buy rating and $80.00 price target.

In the report, Stifel noted, “We are initiating coverage of Pentair Ltd. (PNR) with a Buy rating on the shares. Pentair is a leading global diversified manufacturing company with businesses in energy, industrial, residential and commercial, infrastructure, and food & beverage markets. Pentair has undergone a transformation through the merger with Tyco's Flow Control business. This transaction, completed in 3Q12 and representing essentially a merger of equals, has evolved Pentair from primarily a water company with a small energy business to a global, diversified industrial business with equal exposures in energy, industrial, residential/commercial end markets, as well as infrastructure and food & beverage.”

Pentair closed on Tuesday at $70.29.