In a report released today, Bryan Blair from Oppenheimer maintained a Hold rating on Pentair (PNR). The company’s shares opened today at $39.
Blair said:
“Shares declined 13.5% on 4/9 after PNR pre-announced 1Q19 EPS of $0.43, well below our our/consensus $0.54E given the significant impact of adverse cold and wet weather on its high-margin Aquatics and ag-related businesses. Core sales declined 4% vs. 1Q guidance of +4-5% y/y, influenced by adverse weather impact, moderating growth in several end markets, and higher than anticipated inventory levels in some key distribution channels. Given these dynamics and a “narrow” window of recovery for seasonal Aquatics and agricultural sales, management lowered FY19 core sales guidance to +0-1% from +4-5% y/y. In turn, adj. EPS guidance was lowered to $2.30-2.35 (vs. $2.50-2.60), implying modestly higher y/y profitability over 2Q-4Q19 and slightly lower/flat 2019 earnings.”
According to TipRanks.com, Blair is a 3-star analyst with an average return of 6.4% and a 71.1% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Carlisle Companies Incorporated, Lincoln Electric Holdings, and Watts Water Technologies.
The word on The Street in general, suggests a Hold analyst consensus rating for Pentair with a $43.86 average price target, implying a 12.5% upside from current levels. In a report released yesterday, RBC Capital also maintained a Hold rating on the stock with a $42 price target.
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Based on Pentair’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $92.9 million. In comparison, last year the company had a net profit of $103 million.
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Pentair Plc engages in the provision of water solutions for residential, commercial, industrial, infrastructure, and agriculture applications. Its portfolio of solutions enables people, businesses, and industries to access clean, safe water, reduce water consumption, and recover and reuse it.
