Credit Suisse Downgrades Pennon Group to Underperform (PNN)
Pennon Group (LON:PNN) was downgraded by Credit Suisse to an “underperform” rating in a research note issued on Friday, StockRatingsNetwork.com reports. They currently have a GBX 610 ($9.54) price objective on the stock, down from their previous price objective of GBX 670 ($10.48). Credit Suisse’s target price would indicate a potential downside of 16.04% from the stock’s previous close.
Shares of Pennon Group (LON:PNN) opened at 702.075 on Friday. The stock has a 50-day moving average of GBX 693.1 and a 200-day moving average of GBX 672.1. The company’s market cap is £2.557 billion.
PNN has been the subject of a number of other recent research reports. Analysts at Goldman Sachs Group Inc. cut their price target on shares of Pennon Group (LON:PNN) from GBX 723 ($11.30) to GBX 721 ($11.27) in a research note to investors on Tuesday. They now have a “neutral” rating on the stock. Separately, analysts at Barclays Capital reiterated an “equal weight” rating on shares of Pennon Group (LON:PNN) in a research note to investors on Thursday, September 5th. They now have a GBX 725 ($11.34) price target on the stock. Finally, analysts at BNP Paribas reiterated a “neutral” rating on shares of Pennon Group (LON:PNN) in a research note to investors on Wednesday, August 28th. They now have a GBX 720 ($11.26) price target on the stock.
Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of GBX 698.35 ($10.92).
Pennon Group Plc and its subsidiaries are engaged in the provision of water and sewerage services, waste management, recycling and renewable energy.
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