Pentair Delivers Solid 2Q Results Despite Weather-Related Issues; Maintaining FVE
We maintain our $43 fair value estimate for Pentair after the narrow-moat company delivered solid second-quarter results. Quarterly adjusted earnings per share of $0.69 slightly outperformed consensus expectations and the previously issued $0.63-$0.66 guidance. The announcement does not fundamentally alter our thesis, and we view the stock as modestly undervalued.The first quarter was challenging for Pentair, as sales were adversely affected by inclement weather and inventory buildup in the fi...
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