Pool Corp. downgraded to Hold from Buy at Loop Capital

Loop Capital downgraded Pool Corp. to Hold from Buy with a price target of $415, up from $380. The analyst cites valuation following the recent rally for the downgrade. While the firm sees new pool construction near a bottom and equipment pricing likely going up at an above normal 3%-4% rate, it sees big ticket discretionary spending, which is what new pool construction and large scale remodel projects constitute, as still challenged. It prefers low-ticket, less-discretionary names for the time being.