Morgan Stanley Lowers Pennon Group (PNN) Price Target to GBX 785

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Pennon Group (LON:PNN) had its price target dropped by Morgan Stanley from GBX 790 ($10.32) to GBX 785 ($10.26) in a research note issued on Friday. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 9.45% from the stock’s current price.

Several other research analysts have also commented on PNN. UBS Group cut their price objective on Pennon Group from GBX 820 ($10.71) to GBX 800 ($10.45) and set a “buy” rating on the stock in a research report on Monday, September 17th. Goldman Sachs Group raised their price objective on Pennon Group from GBX 758 ($9.90) to GBX 775 ($10.13) and gave the company a “neutral” rating in a research report on Tuesday, September 18th. Deutsche Bank cut their price objective on Pennon Group from GBX 850 ($11.11) to GBX 780 ($10.19) and set a “buy” rating on the stock in a research report on Tuesday, October 2nd. Royal Bank of Canada lowered Pennon Group to a “sector performer” rating and cut their price objective for the company from GBX 925 ($12.09) to GBX 800 ($10.45) in a research report on Monday, November 26th. Finally, JPMorgan Chase & Co. cut their price objective on Pennon Group from GBX 830 ($10.85) to GBX 800 ($10.45) and set an “overweight” rating on the stock in a research report on Tuesday, December 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of GBX 787.50 ($10.29).

LON:PNN traded up GBX 1 ($0.01) during mid-day trading on Friday, hitting GBX 717.20 ($9.37). The company had a trading volume of 637,067 shares, compared to its average volume of 1,760,000. Pennon Group has a 1 year low of GBX 600.23 ($7.84) and a 1 year high of GBX 947.23 ($12.38).

About Pennon Group

Pennon Group Plc engages in the environmental infrastructure businesses in the United Kingdom, rest of European Union, China, and internationally. The company's Water segment comprises the regulated water and wastewater services for customers in Cornwall, Devon, and parts of Dorset and Somerset; and water services in the areas of Dorset, Hampshire, and Wiltshire.

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