Pershing Square Slides
Pershing Square ($PS) fell 13.89% from its prior close at today's low after Bank of America's premarket downgrade to Underperform from Neutral.
Pershing Square ($PS) fell 13.89% from its prior close at today's low after Bank of America's premarket downgrade to Underperform from Neutral. At 12:15 PM EDT, shares trade at $47.77, down 11.90% from the prior close after recovering 2.31% from the session low.
- Bank of America cut its price target to $38 from $54, citing valuation concerns and potential delays to planned initiatives, including the PSV launch. Those delays are the bank's concern, not a company-confirmed development. Pershing Square's market cap is $19.11B.
- Energy leads today's sector snapshot, up 1.29%, followed by Communication Services at +1.07%. Utilities are barely positive at +0.06%, while Consumer Cyclical is up 0.04% and Basic Materials is up 0.01%.
- Healthcare is the weakest sector, down 1.24%, followed by Industrials at -1.14%. Technology is down 0.52% and Real Estate is down 0.47%.
- Financial Services and Consumer Defensive are closer to flat, down 0.10% and 0.08%, respectively. The gains are uneven across sectors.
Overall, Energy and Communication Services lead while Healthcare and Industrials lag. Pershing Square's modest bounce still leaves shares sharply below the prior close following BofA's downgrade. A recovery from the session low leaves most of the day's loss intact.
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