Bank of America Reaffirms Underperform Rating for Pershing Square (NYSE:PS)

Pershing Square (NYSE:PS)‘s stock had its “underperform” rating reiterated by research analysts at Bank of America in a research note issued on Tuesday, Benzinga reports. They presently have a $38.00 price target on the stock, down from their previous price target of $54.00. Bank of America‘s target price suggests a potential downside of 29.66% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Tigress Financial raised their target price on shares of Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, September 3rd. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. JonesTrading cut shares of Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday, September 29th. Wells Fargo & Company assumed coverage on shares of Pershing Square in a research report on Thursday, October 1st. They set an “underweight” rating and a $41.00 price objective for the company. Finally, Citigroup cut Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 price objective for the company. in a report on Friday. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Pershing Square currently has an average rating of “Reduce” and an average target price of $42.11.

Pershing Square Stock Down 1.0%

Shares of Pershing Square stock opened at $54.02 on Tuesday. The firm’s fifty day simple moving average is $44.49. Pershing Square has a 1 year low of $22.01 and a 1 year high of $60.40. The firm has a market cap of $21.61 billion and a P/E ratio of 385.86.

Pershing Square (NYSE:PS) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million during the quarter. As a group, sell-side analysts expect that Pershing Square will post 0.55 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC acquired a new position in Pershing Square in the second quarter valued at about $1,702,000. Equitec Proprietary Markets LLC bought a new stake in Pershing Square during the second quarter worth about $3,828,000. Proficio Capital Partners LLC bought a new stake in Pershing Square during the second quarter worth about $1,459,000. Rivernorth Capital Management LLC acquired a new stake in Pershing Square during the second quarter worth about $14,787,000. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new stake in Pershing Square during the second quarter worth about $9,858,000.

Pershing Square Company Profile

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.