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.
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