Baird thinks it might be time to pick up shares of Pentair . The firm upgraded the water treatment company to outperform from neutral. Its $114 price target. Baird’s calls for nearly 27% upside from Monday’s close. Shares have dipped 11% in 2025, outpacing the S & P 500’s 2% decline. This slide, along with strong long-term drivers, make the stock a buy, according to analyst Michael Halloran. PNR YTD mountain Pentair stock in 2025. “We believe the pullback provides an opportunity to own a business in the midst of a transformation to a high-quality company with impressive margins, above-market growth characteristics, strong [free cash flow] generation, differentiated earnings power, and relative multiple expansion,” the analyst said. Halloran also noted that Pentair has somewhat contained downside risk in the near-term, because he estimated that some of the company’s key markets are near a bottom and could be due for a bounce. “Today, many of PNR’s end markets are closer to trough than peak (particularly pool/[residential]), with downside buffers in a worse macroeconomic environment (aftermarket/replacement exposure, demographics, markets already experienced pressure),” Halloran said. “The long-term growth profile remains attractive with strong secular drivers/end market exposure, improved pricing playbook, 80/20 commercial impacts, and cross-selling opportunity,” he added. The upgrade puts Halloran in the majority of analysts covering Pentair. Of the 21 who cover the stock, 13 rate it a buy or strong buy, according to LSEG.