Piper Jaffray Reiterates Overweight on Pentair

Piper Jaffray is out with its report today on Pentair PNR, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We are incrementally more optimistic about the growth and synergy that the recently acquired Norit CPT business will bring to Pentair over the next 12-18 months after meeting with the company at the American Waterworks Association tradeshow in Washington D.C. Aside from the attractive emerging market exposure that Norit brings to Pentair, we believe an overlooked opportunity resides in bolstering Norit's presence in the North America market, which today is very low. We reiterate our Overweight rating on PNR shares and believe accelerating growth will provide a catalyst for multiple expansion." Piper Jaffray maintains a $47 PT on PNR. Shares of PNR closed Wednesday at $37.48, down 1.08% from Tuesday's close.