Pershing Square (NYSE:PS) Price Target Raised to $42.00

Pershing Square (NYSE:PS) had its target price raised by 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 suggests a potential upside of 4.27% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PS. Wells Fargo & Company reduced their price target on shares of Pershing Square from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Monday, July 20th. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Loop Capital assumed coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued a “buy” rating and a $49.00 price objective for the company. Bank of America began coverage on shares of Pershing Square in a research report on Tuesday, May 26th. They set a “neutral” rating and a $42.00 target price on the stock. Finally, Jefferies Financial Group started coverage on shares of Pershing Square in a report on Monday, May 25th. They issued a “hold” rating and a $40.00 price target for the company. Two 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $40.89.

Pershing Square Price Performance

Shares of Pershing Square stock traded up $0.22 on Monday, hitting $40.28. 70,114 shares of the company’s stock were exchanged, compared to its average volume of 362,909. The firm has a 50-day moving average of $35.32. The company has a market capitalization of $16.11 billion and a PE ratio of 287.71. Pershing Square has a 1 year low of $22.01 and a 1 year high of $54.94.

Pershing Square (NYSE:PS) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $68.03 million during the quarter. Equities research analysts predict that Pershing Square will post 0.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

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.