Pentair price target raised to $115 from $101 at RBC Capital

RBC Capital analyst Deane Dray raised the firm’s price target on Pentair (PNR) to $115 from $101 and keeps an Outperform rating on the shares. The company reported a solid Q3, generated record free cash flow year-to-date, and achieved growth in the Pool segment for the second consecutive quarter with 470 bps of y/y margin improvement, the analyst tells investors in a research note. RBC adds that the continued “transformation benefits” at Pentair and early 80/20 wins more than offset soft flows and some industrial customer capex delays.