BUZZ - Pershing Square’s stock falls after Bank of America downgraded its rating

October 13 - ** Shares of Bill Ackman's Pershing Square (PS.N) fell by 12% to $47.78

** Bank of America Global Research downgraded Pershing Square’s rating from “neutral” to “underperform”; target price sharply reduced from $54 to $38, representing a further 30% downside from the previous closing price

** The brokerage stated that PS's flagship fund’s poor performance led to delayed subsequent fundraising; given the tightening market environment, it is expected that the asset management company will delay the launch of its venture capital-focused investment vehicle

** “We believe that PS may also delay the timeline of four other planned launches—(Asymmetric, Opportunistic, Crossover, Absolute Return)—that were scheduled over the next five years.” — Bank of America Global Research

** Out of ten brokerages, one gives the stock a “buy” rating, six give a “hold” rating, and three rate it as “sell” or lower; the median target price is $41—data compiled by London Stock Exchange Group (LSEG)

** PS shares have risen by 33.5% in the past three months

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