Piper Jaffray Overweight On Pentair (PNR)

Piper Jaffray has an Overweight rating and a $43 price target on Pentair, Inc. PNR. In a note sent to investors, Piper Jaffray writes, "PNR shares have traded sideways for much of 2010, despite posting strong quarterly results, as investors seem to have lost interest once housing trends faded. Seasonality has likely also played a role - historically PNR shares have performed poorly in the summer & fall. As we approach 2011, we are becoming more enthusiastic about the stock. From a seasonal standpoint, February to May have proven to be the months to own the stock. Fundamentally, we believe a stable macro backrop coupled with a myriad internal growth initiatives will demonstrate the earnings growth potential of the business model. We reiterate our OW rating and $43 price target." Shares of PNR lost 32 cents yesterday to close at $32.79, a loss of nearly 1%.