PM pressuring me to change my rating on a name?
Hi all. My PM is under pressure to deploy some cash and, without getting into why, the range of opportunities is quite narrow at the moment. This manufacturing company has reported mixed numbers for a year now, in a period where most others names in that sector under my coverage have done well. Now, we are going into a possible recession, the company has material energy exposure in EMEA and poor credit metrics, so moved it to a market weight position (essentially, do not sell, but do not buy more). Because it is trading cheap, he has been on my neck for a couple weeks on this. I am quite new in the team so still moving carefully.
I was thinking of meeting in the middle and insert some language around being okay to add exposure if price works very well (which is redudant really since all trades are price sensitive - but alas). Thoughts? How do you deal with this?