UBS says Pentair shares could rally more than 24% as demand in the pool sector is expected to rebound later this year.
UBS says it sees "the sun shining bright from the bottom of the pool" on Pentair . The firm upgraded the pool equipment company's shares to buy from neutral. UBS also raised its price target to $72 per share from $53, implying a 24.4% rally from Friday's close. "We upgrade PNR to Buy on the view that the pool cycle is nearing its bottom, and that the company will deliver on margin targets," analyst Damian Karas wrote in a client note on Monday.
He said he's increasingly bullish on a rebound in growth due to the "robust margin inflection" over the last few quarters, in addition to a larger inventory destock and lower baseline for business that is now "baked into guidance." "Nearer-term, we see the guided ~20% pool volume decline this year as sufficient to de-risk the business, which should start shifting investor focus to the 2024 demand recovery.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
24 N.J. arts/entertainment events to check out this weekend and beyond (May 5-11)Here's a small sample of upcoming music, theater, dance, comedy and other happenings.
Read more »
24 Slightly Embarrassing Products You'll Be Happy To Have This SpringIncluding an antiperspirant lotion so you don't have to deal with sweaty hands all season long.
Read more »
See all homes sold in these New Jersey counties, April 24 to May 1Real estate transfers in New Jersey counties reported from April 24 to May 1.
Read more »
24-year-old man dead after car accident on the Southwest SideA 24-year-old man died after a car accident on the Southwest Side Saturday night, according to the police report. The 20-year-old driver of the car he was in has been charged with manslaughter.
Read more »