UPDATE: Stifel Downgrades Pentair (PNR) to Hold
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Stifel analyst Nathan Jones downgraded Pentair (NYSE: PNR) from Buy to Hold with a price target of $46.00.
The analyst comments "We are moving our rating from Buy to Hold on PNR shares with an unchanged $46 target price. Pentair’s 2020 prospects look improved over 2019 where discrete headwinds, particularly in the Aquatics business, create easy comparisons in 1H20 (assuming more normalized weather patterns). With shares currently trading at 14.5x 2020E EBITDA we believe the share price currently reflects the improved short term prospects and so are moving to the sidelines on PNR shares for now."
Shares of Pentair closed at $45.92 yesterday.
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