Pentair price target raised to $115 from $110 at KeyBanc

KeyBanc analyst Jeffrey Hammond raised the firm’s price target on Pentair (PNR) to $115 from $110 and keeps an Overweight rating on the shares. Following Pentair’s Q3 earnings, the firm says it remains impressed with the degree of transformation tailwinds more than offsetting softer year-over-year demand trends and feel 80/20 offers incremental opportunities for improvement beyond the current long-term framework. Looking out, KeyBanc maintains its confidence in share rerating higher long-term as investors better appreciate the compelling transformation.