Piper Jaffray Overweight On Pentair

Piper Jaffray has an Overweight rating and a $47 price target on shares of Pentair, Inc. PNR. In a note to clients, Piper Jaffray writes, "We are lifting our 2Q EPS estimate above guidance & consensus for Pentair's seasonally strongest quarter as we believe strength in Tech Products and pool equipment will drive upside to the model. We are projecting 2Q EPS of $0.73 on revenues of $885.1 million (+11% y/y). We reiterate our Overweight rating and expect strong 2Q results to be a positive catalyst for the stock, though we expect full year guidance to be left largely intact – outside of an adjustment for upside in the quarter – as we enter the seasonally low second half for Pentair's business." Shares of PNR closed at $41.45 yesterday.