Wells Fargo & Company Cuts Pershing Square (NYSE:PS) Price Target to $34.00

Key Points

• Wells Fargo cut its price target on Pershing Square from $37.00 to $34.00 and kept an equal weight rating on the stock. The new target implies only about 0.96% downside from the current price.
• Analyst sentiment remains mixed: recent firms have issued a range of ratings, including hold, buy, and sell calls. Overall, the stock currently carries a Hold consensus with an average price target of $40.75.
• Pershing Square was trading around $34.33, near the revised target, and CEO Bill Ackman previously bought 800,000 shares at an average price of $23.77. That purchase boosted his ownership by more than 114%.

Pershing Square (NYSE:PS - Get Free Report) had its price target reduced by stock analysts at Wells Fargo & Company from $37.00 to $34.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential downside of 0.96% from the company's current price.

A number of other brokerages have also recently weighed in on PS. Jefferies Financial Group began coverage on shares of Pershing Square in a research report on Monday, May 25th. They set a "hold" rating and a $40.00 price target on the stock. Loop Capital started coverage on Pershing Square in a research report on Tuesday, May 26th. They set a "buy" rating and a $49.00 price target on the stock. Wall Street Zen downgraded shares of Pershing Square from a "hold" rating to a "sell" rating in a research note on Sunday, June 7th. Citigroup decreased their price objective on shares of Pershing Square from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, July 13th. Finally, Bank of America initiated coverage on Pershing Square in a report on Tuesday, May 26th. They set a "neutral" rating and a $42.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $40.75.

Pershing Square Stock Up 0.2%

PS opened at $34.33 on Monday. The stock has a market cap of $13.73 billion, a PE ratio of -40.21 and a beta of 2.27. Pershing Square has a 12 month low of $22.01 and a 12 month high of $54.94. The company has a 50-day simple moving average of $36.01.

Insider Activity

In other Pershing Square news, CEO William A. Ackman bought 800,000 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were purchased at an average cost of $23.77 per share, for a total transaction of $19,016,000.00. Following the transaction, the chief executive officer directly owned 1,500,000 shares in the company, valued at $35,655,000. The trade was a 114.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 21.79% of the company's stock.

About Pershing Square

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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