Pentair Analysts Increase Their Forecasts Following Better-Than-Expected Q3 Results

Pentair plc PNR reported better-than-expected results for its third quarter on Tuesday.

The company reported that third-quarter 2024 net sales fell 2% year over year to $993 million, beating the consensus of $988.8 million. Adjusted EPS rose 16% Y/Y to $1.09, surpassing the consensus of $1.07.

For FY24 Outlook, Pentair raised adjusted EPS to $4.27 (from $4.25) vs. consensus of $4.25. Meanwhile, the company continues to see sales growth of roughly flat to down 1% on a reported basis.

Pentair sees fourth-quarter adjusted EPS of $1.02 versus a consensus of $1.02 and sales of around $965 million-$975 million vs. a consensus of $989.2 million.

CEO John L. Stauch said, “Our relentless dedication to strong execution, Transformation, and delivering value to our customers has driven yet another quarter of significant free cash flow and outstanding results, surpassing our expectations. Our balanced approach across our water portfolio continues to validate the effectiveness of our strategy. We have made substantial progress on 80/20 with the completion of training on a majority of our total revenue."

Pentair shares fell 1.3% to trade at $97.04 on Wednesday.

These analysts made changes to their price targets on Pentair following earnings announcement.

• Barclays analyst Julian Mitchell maintained Pentair with an Overweight and raised the price target from $105 to $108.
• Keybanc analyst Jeffrey Hammond maintained the stock with an Overweight and raised the price target from $110 to $115.
• Goldman Sachs analyst Brian Lee maintained Pentair with a Neutral and raised the price target from $93 to $103.
• UBS analyst Damian Karas maintained the stock with a Buy and raised the price target from $100 to $115.
• JP Morgan analyst Stephen Tusa maintained Pentair with a Neutral and raised the price target from $106 to $110.
• TD Cowen analyst Joseph Giordano maintained the stock with a Buy and boosted the price target from $95 to $110.

Considering buying PNR stock? Here’s what analysts think:

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