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Downgrade Alert for Pentair (PNR)

By James Quinn

Pentair (NYSE:PNR) was downgraded from Market Perform to Underperform at Cowen and Company today. The stock closed yesterday at $63.21 on volume of 1.6 million shares, above average daily volume of 1.4 million.

Pentair, Inc. is a diversified manufacturing company. The Company produces electrical and electronic enclosures, professional tools, and water products. Pentair manufactures and distributes its products in North America, Europe, and Asia.

Pentair (NYSE:PNR) is currently priced 5.9% above its average consensus analyst price target of $59.50. The stock should discover initial support at its 50-day moving average (MA) of $53.41 and subsequent support at its 200-day MA of $53.19.

In the past 52 weeks, Pentair share prices have been bracketed by a low of $41.57 and a high of $69.65 and closed yesterday at $63.21, 52% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.4%.

SmarTrend recommended that subscribers consider buying shares of Pentair on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.92. Since that recommendation, shares of Pentair have risen 3.4%. We continue to monitor PNR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades pentair

Ticker(s): PNR