Pentair's focus on operational improvements should boost earnings growth over the long run.
We expect to raise our fair value estimate for narrow-moat Pentair to roughly $62 per share from $60 to reflect solid operating results and progress toward the split-up into separate water and electrical companies, which is expected by mid-2018. We believe the split into two pure-play companies will sharpen management's focus on core activities and may entice suitors for one or both new entities.Second-quarter adjusted earnings per share of $1.00 rose 14% from $0.88 one year ago. Overall result...
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