Pershing Square jumps as Jefferies raises price target
PS•Pershing Square shares rose 7.49% to $58.98 after Jefferies raised its price target to $58 from $38 and maintained its hold rating. Jefferies said performance-based fees are expected to climb through next year.
1. Jefferies raises target
Jefferies raised its price target on Pershing Square to $58 from $38 and maintained its hold rating, saying performance-based fees are expected to climb through next year. The stock rose 7.49% to $58.98.
2. Analyst ratings and valuation
Nine of 10 brokerages rate the stock buy or higher, while one rates it hold; the median price target is $42. The stock trades at 64.03 times expected earnings per share over the next 12 months, compared with an industry median of 10.97.
3. Since the IPO
As of the last close, Pershing Square was up 145.4% since its IPO in April.
