Pershing Square (NYSE:PS) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised Pershing Square’s price target from $34 to $36 while maintaining an “equal weight” rating, implying 3.77% downside from the prior close.
• Analyst sentiment remains cautious: Pershing Square has a consensus “Hold” rating and an average price target of $41.11, based on two Buys, nine Holds, and one Sell.
• Shares rose 2.5% to $37.41, while the company’s latest quarterly earnings beat estimates with EPS of $0.14 versus the $0.12 consensus.

Pershing Square (NYSE:PS - Get Free Report) had its price objective upped by stock analysts at Wells Fargo & Company from $34.00 to $36.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price points to a potential downside of 3.77% from the stock's previous close.

PS has been the topic of a number of other reports. Oppenheimer assumed coverage on Pershing Square in a report on Tuesday, May 26th. They set a "market perform" rating on the stock. Citigroup lowered shares of Pershing Square from a "buy" rating to a "neutral" rating and set a $45.00 target price for the company. in a research report on Wednesday, August 19th. UBS Group began coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They set a "neutral" rating and a $39.00 target price on the stock. Wall Street Zen downgraded shares of Pershing Square from a "hold" rating to a "sell" rating in a research report on Sunday, June 7th. Finally, Loop Capital initiated coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued a "buy" rating and a $49.00 price target for the company. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $41.11.

Pershing Square Stock Up 2.5%

Shares of PS traded up $0.91 during mid-day trading on Thursday, reaching $37.41. 66,048 shares of the company's stock traded hands, compared to its average volume of 347,384. The firm's 50-day simple moving average is $36.53. The company has a market cap of $14.96 billion and a PE ratio of 267.21. Pershing Square has a 12 month low of $22.01 and a 12 month high of $54.94.

Pershing Square (NYSE:PS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $68.03 million during the quarter. As a group, analysts expect that Pershing Square will post 0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Readystate Asset Management LP bought a new stake in Pershing Square in the second quarter worth about $822,000. Proficio Capital Partners LLC bought a new position in shares of Pershing Square during the 2nd quarter valued at about $1,459,000. Ancora Advisors LLC acquired a new position in shares of Pershing Square in the 2nd quarter worth approximately $302,000. Rivernorth Capital Management LLC acquired a new position in shares of Pershing Square in the 2nd quarter worth approximately $14,787,000. Finally, Wedbush Securities Inc. bought a new stake in shares of Pershing Square in the 2nd quarter worth approximately $529,000.

Pershing Square Company Profile

Pershing Square NYSE: PS is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William "Bill" Ackman. The vehicle provides outside investors with exposure to the firm's concentrated, actively managed investment program and is designed to deliver long‑term capital appreciation through a portfolio of equity and related positions.

The company's principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.

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