Pentair price target raised to $106 from $96 at Baird

Baird raised the firm’s price target on Pentair (PNR) to $106 from $96 and keeps a Neutral rating on the shares. The firm said results modestly exceeded expectations on margin upside. Execution on transformation program has been notable/impressive, and the 80/20 program adds incremental benefit not assumed in long-term guidance.