UK's Pennon rises after Barclays rating upgrade
** Shares of Pennon Group PNN.L rise as much as 3% to 612p, stock among top pct gainers FTSE 250 .FTMC index
** Barclays analysts upgrade water utility firm's stock to "overweight" rating from "equal weight"; raises PT to 800p from 690p
** The brokerage says PNN trades at a significant discount to peers, and its balance sheet has relatively high levels of gearing versus its listed peers
** Barclays says believes a better-than-expected final price determination by regulator, scheduled for Dec. 19, would "disproportionately benefit Pennon due to its higher leverage and the potential reduction in capital requirements"
** 4 of 13 brokerages rate the stock "buy" or higher and 9 "hold"; median PT 682.50p – LSEG data
** As of last close, stock down ~21% YTD
Reporting by Aby Jose Koilparambil in Bengaluru
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