Analysts see limited upside to Ackman’s Pershing Square as they kick off coverage
Analysts have begun coverage of Bill Ackman's Pershing Square following its IPO, generally assigning neutral ratings. They recognize the company's strong long-term returns and scalable model but caution that much of the potential upside is already reflected in the stock price. Future performance and fundraising efforts will be critical in determining the stock's value moving forward.
- ▪Wall Street analysts initiated coverage of Pershing Square with mostly neutral-equivalent ratings after its IPO.
- ▪UBS assigned a 'neutral' rating with a $39 price target, noting that the stock's strength is already priced in.
- ▪Citigroup initiated coverage with a 'buy' rating and a $50 price target, emphasizing the importance of future fundraising.
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Open this photo in gallery:U.S. hedge fund manager Bill Ackman, CEO of Pershing Square Capital Management, speaks during the 29th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 4.PATRICK T. FALLON/AFP/Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountWall Street analysts started coverage of Bill Ackman’s Pershing Square (PS-N) with mostly neutral-equivalent ratings after the quiet period ended following its recent IPO.The analysts cited strong long-term returns and scalable model but also noted that much of the upside was already priced in.Citigroup, UBS Securities, BofA Securities, Jefferies and Wells Fargo were the global coordinators and bookrunners for the IPO.UBS, which started coverage…
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