Jefferies downgraded Pentair (NYSE: PNR) from Buy to Hold with a price target of $63.00 (from $72.00).

Analyst R. Scott Graham commented, "We are lowering our investment rating to Hold from Buy. 2Q15 was worse than we expected but more importantly highlighted poor decremental margins in Valves & Controls. There is less earnings resiliency relative to weaker demand than we envisioned. Mgmt is also late in adjusting its cost structure. Combined, our new, lower estimates place earnings at levels which offer little upside over the next year."

The firm cut FY 2015 EPS from $3.77 to $3.42 and FY 2016 EPS from $4.32 to $3.61.

For an analyst ratings summary and ratings history on Pentair click here. For more ratings news on Pentair click here.

Shares of Pentair closed at $61.60 yesterday.