Pentair Shares Down 30% YTD, Pool Concerns Remain Prevalent
<p><a href='https://financialmodelingprep.com/financial-summary/PNR'>Pentair (NYSE:PNR)</a> shares are down nearly 30% YTD, with fears regarding near-term Pool downside more than offsetting solid demand trends/secular runway in Water Solutions, substantial medium-term upside from Pentair's now-closed Manitowoc Ice acquisition, and early-stage transformation benefits across operations.</p>
<p>With the normalization of Pool channel inventory now underway, analysts at Oppenheimer believe investors should have visibility to materially less-than-feared 2023 Pool weakness over the coming quarters, lessening the primary overhang on the company’s shares. </p>
<p>All in, the analysts believe Pool angst will prove overdone and view Pentair's other value-creation levers as meaningfully underappreciated at current valuation (with pro forma Commercial Water Solutions perhaps the most overlooked/undervalued of non-Pool assets). The analysts reiterated their outperform rating and $68 price target.</p>

NYSE:PNR