Pentair price target raised to $110 from $97 at KeyBanc

KeyBanc analyst Jeffrey Hammond raised the firm’s price target on Pentair (PNR) to $110 from $97 and keeps an Overweight rating on the shares. The firm says conversations with its pool equipment channel partners highlighted little changed to the demand trajectory in Q3 versus the beginning of the selling season. It got the sense distributors plan to participate in pre-buys slightly more than 2023. KeyBanc sees a positive 2025 and long-term set-up in pool, and more upside for Pentair PNR in the near-term relative to Hayward (HAYW) given its “controllable self-help tailwinds and easier compares.”