Pershing Square (NYSE:PS) Stock Rating Lowered by Wells Fargo & Company

Key Points

• Wells Fargo downgraded Pershing Square from “hold” to “strong sell,” adding to a generally cautious analyst outlook.
• Pershing Square has an average analyst rating of “Reduce”, with one Buy, nine Hold, and two Sell ratings; the consensus price target is $41.89.
• Shares opened at $52.68 and have a 52-week range of $22.01 to $59.94. The company’s latest quarterly earnings of $0.14 per share exceeded estimates of $0.12.

Pershing Square (NYSE:PS - Get Free Report) was downgraded by investment analysts at Wells Fargo & Company from a "hold" rating to a "strong sell" rating in a note issued to investors on Thursday, Zacks reports.

Other research analysts have also recently issued reports about the company. Weiss Ratings raised Pershing Square from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Tigress Financial increased their price objective on shares of Pershing Square from $39.00 to $41.00 and gave the company a "neutral" rating in a report on Thursday, September 3rd. Citigroup cut shares of Pershing Square from a "buy" rating to a "neutral" rating and set a $45.00 price objective on the stock. in a research report on Wednesday, August 19th. Wall Street Zen upgraded shares of Pershing Square from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Royal Bank Of Canada dropped their target price on shares of Pershing Square from $40.00 to $38.00 and set a "sector perform" rating for the company in a research report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $41.89.

Pershing Square Trading Down 1.0%

NYSE:PS opened at $52.68 on Thursday. The firm's 50-day simple moving average is $41.84. Pershing Square has a 52 week low of $22.01 and a 52 week high of $59.94. The company has a market capitalization of $21.07 billion and a PE ratio of 376.29.

Pershing Square (NYSE:PS - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share 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, research analysts forecast that Pershing Square will post 0.56 EPS for the current year.

Institutional Trading of Pershing Square

A number of large investors have recently added to or reduced their stakes in PS. Integrated Wealth Concepts LLC purchased a new position in shares of Pershing Square in the second quarter valued at $132,000. NewEdge Advisors LLC purchased a new stake in Pershing Square during the second quarter valued at $1,702,000. Readystate Asset Management LP bought a new position in Pershing Square during the second quarter valued at $822,000. Proficio Capital Partners LLC bought a new position in Pershing Square during the second quarter valued at $1,459,000. Finally, Ancora Advisors LLC purchased a new position in shares of Pershing Square in the 2nd quarter worth $302,000.

About Pershing Square

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.

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