Pool Corp. initiated with an Outperform at Oppenheimer

Oppenheimer analyst Scott Schneeberger initiated coverage of Pool Corp. with an Outperform rating and $408 price target. Pool, as the leading wholesale distributor in an industry benefiting from migration to warmer climates, has a "compelling long-term growth story," along with attractive operating margins, primarily driven by recurring revenue via maintenance/minor repair activity on a perpetually increasing installed base of U.S. pools, the analyst tells investors. The firm sees "an opportune entry point" at current levels, it added.