Pentair falls as brokerages cut PTs

Pentair

25/10/2023 15:44

** U.S.-listed shares of UK-based water tech company Pentair
PLC  PNR.N  fall ~3% to $57.52 
    ** Jefferies cut co's price target to $65 from $70 as it
expects estimates to go lower with weaker 2024-end market demand
in co's pool segment and headwinds from Manitowoc Ice
acquisition as its backlog normalizes.
    ** Co on Tuesday reported a 4.4% yoy fall in revenue to
$1.01 billion; analysts expected $992.09 million.
    ** JP Morgan cut co's PT to $70 from $72, Stifel cut to $81
from $83 and Barclays to $81 from $82
    ** PNR beat Wall Street estimates for adj EPS reporting 94
cents​​ per share, compared to analyst mean of 87 cents per
share
    ** Ten of 18 brokerages rate the stock "buy" or higher,
seven "hold" and one "sell"; their median PT is $75
    ** Up to Tuesday's close, stock had fallen ~29% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))