UPDATE: KeyBanc Capital Markets Downgrades Xylem to Hold, Names $29 PT on Balance Risk-Reward

In a report published Wednesday, KeyBanc Capital Markets analyst Matt J. Summerville downgraded the rating on

from Buy to Hold, and named a $29.00 price target. In the report, KeyBanc Capital Markets noted, “We are reducing our rating on shares of Xylem, Inc. from BUY to HOLD as recent upward movement in the share price has led us to conclude the risk-reward is fairly balanced and in recognition that some of the gap in valuation between it and its peers has also closed.” Xylem closed on Tuesday at $32.53.