Pentair price target raised to $85 from $80 at TD Cowen

TD Cowen raised the firm’s price target on Pentair to $85 from $80 and keeps a Buy rating on the shares. The firm said the lack of a raise to guide was surprising and frustrating to many given the 1Q beat and strong 2Q guide, but Cowen thinks it was more de-risking than a de facto cut to 2H and that numbers will move higher.