Deutsche Bank Downgrades Pentair (PNR) to Hold
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Deutsche Bank downgraded Pentair (NYSE: PNR) from Buy to Hold. Analyst Joshua Shanker sees shares a less attractive following gains.
"RenRe stock has appreciated to our price target making it no longer attractive as a new money investment. While we continue to believe that propertycatastrophe reinsurance pricing is flattening, the stock is trading in excess of 1.2x year-ahead book value. Rotation toward higher beta financials suggests that sub-1x beta stocks like RenRe could be sources of funds for reinvestment elsewhere, making it less attractive following the November 8 election," said Shanker.
Shares of Pentair closed at $57.80 yesterday.
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