JonesTrading Issues Positive Forecast for Pershing Square (NYSE:PS) Stock Price

Key Points

• JonesTrading raised Pershing Square’s price target from $39 to $42 and maintained a “buy” rating, implying 4.27% upside from the prior close.
• Analyst sentiment remains cautious overall: Pershing Square has a consensus “hold” rating and an average price target of $40.89, based on two buys, nine holds and one sell.
• Shares traded at $40.28, while the company reported quarterly EPS of $0.14, beating the $0.12 consensus estimate; several institutional investors also recently initiated positions.

Pershing Square (NYSE:PS - Get Free Report) had its target price lifted by stock analysts at JonesTrading from $39.00 to $42.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. JonesTrading's price target would suggest a potential upside of 4.27% from the company's previous close.

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Pershing Square in a research note on Monday, May 25th. They issued a "hold" rating and a $40.00 price target for the company. Weiss Ratings raised Pershing Square from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. Tigress Financial initiated coverage on Pershing Square in a report on Monday, July 27th. They set a "neutral" rating and a $39.00 target price on the stock. Wells Fargo & Company decreased their target price on Pershing Square from $37.00 to $34.00 and set an "equal weight" rating for the company in a research report on Monday, July 20th. Finally, Oppenheimer began coverage on Pershing Square in a research report on Tuesday, May 26th. They set a "market perform" rating on the stock. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $40.89.

Pershing Square Price Performance

Pershing Square stock traded up $0.22 during mid-day trading on Monday, reaching $40.28. 70,114 shares of the company traded hands, compared to its average volume of 362,909. Pershing Square has a 52-week low of $22.01 and a 52-week high of $54.94. The stock has a market capitalization of $16.11 billion and a price-to-earnings ratio of 287.71. The stock's 50 day moving average price is $35.32.

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

Institutional Investors Weigh In On Pershing Square

A number of hedge funds and other institutional investors have recently bought and sold shares of PS. Ancora Advisors LLC bought a new position in shares of Pershing Square during the second quarter valued at approximately $302,000. Wedbush Securities Inc. bought a new stake in shares of Pershing Square in the 2nd quarter worth approximately $529,000. Hsbc Holdings PLC purchased a new stake in shares of Pershing Square in the 2nd quarter worth approximately $775,000. Readystate Asset Management LP purchased a new stake in shares of Pershing Square in the 2nd quarter worth approximately $822,000. Finally, Proficio Capital Partners LLC bought a new position in Pershing Square during the 2nd quarter valued at approximately $1,459,000.

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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