Today's noteworthy downgrades include: Agnico Eagle (AEM) downgraded to Outperform from Strong Buy at Raymond James... Allstate (ALL) downgraded to Underperform from Market Perform at William Blair... American States Water (AWR) downgraded to Sell from Neutral at Janney Capital... BB&T (BBT) downgraded to Neutral from Long-Term Buy at Hilliard Lyons... Companhia Brasileira de Distribuicao (CBD) downgraded to Underperform at BofA/Merrill... Discovery (DISCA) downgraded to Equal Weight from Overweight at Barclays... Edison International (EIX) downgraded to Hold from Buy at Jefferies... Navistar (NAV) downgraded to Neutral from Buy at Longbow... Pentair (PNR) downgraded on lack of catalysts, industry headwinds, says Stifel... Plum Creek Timber (PCL) downgraded to Underperform from Neutral at BofA/Merrill... Seagate (STX) downgraded to Hold from Buy at Craig-Hallum... Silver Wheaton (SLW) downgraded to Market Perform from Outperform at Raymond James... Southern Copper (SCCO) downgraded to Hold from Buy at HSBC... Spirit Airlines (SAVE) downgraded to Equal Weight from Overweight at Morgan Stanley... TrueBlue (TBI) downgraded to Hold from Buy at Deutsche Bank... Universal Display (OLED) downgraded to Neutral from Buy at Goldman... Universal Forest (UFPI) downgraded to Neutral from Buy at DA Davidson... WNS Holdings (WNS) downgraded to Neutral from Outperform at Baird... Xcel Energy (XEL) downgraded to Hold from Buy at Jefferies... athenahealth (ATHN) assumed with an Underperform from Hold at Jefferies.

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RBC Capital analyst Deane Dray raised the firm's price target on Pentair to $103 from $101 and keeps an Outperform rating on the shares. The company's earnings quality was good, and the firm still expects upside in Pool business this year, the analyst tells investors in a research note. RBC further notes that the Pool channel inventory has reset, and Pentair is building inventory ahead of what it expects will be a solid 2Q24 pool-opening season.