Piper Jaffray Sees Nearly 50% Upside In Pentair (PNR)

Piper Jaffray is reiterating its Overweight rating and $47 price target on shares of Pentair, Inc. PNR, ahead of meeting with company management. In a note to clients, Piper Jaffray writes, "We are reiterating our Overweight rating on PNR shares ahead of the company's annual analyst/investor day in Minneapolis on Sept 9th. While we expect management to reiterate its full year guidance, we believe the focus will be on the strategies being put into place to support high single digit or low double digit (in better economic conditions) top-line growth in upcoming years. Chief amongst these strategies is geographic expansion, new product introductions, and broader distribution." Shares of Pentair closed at $31.82 on Friday.