Deutsche Bank Downgrades Pentair (PNR) to Hold
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Pentair (PNR) Boosts Qtr. Dividend to 34.5c/Share; Yields 2.3%
- Needham & Company Raises Price Target on Finisar (FNSR) to $44; Reiterates Strong Buy
- Jefferies Raises Price Target on Casey's General Stores (CASY) Following 2Q Earnings Report
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!