Market News / Story
Citi downgrades Pershing Square to Sell on valuation concerns
Seeking Alpha ·
Seeking Alpha reports: Bill Ackman's Pershing Square was downgraded to Sell/High Risk from Neutral/High Risk at Citi Research, citing short-term valuation can't be rationalized. Shares were 2.10% lower at $53.20 during pre-market trading on Friday. "The stock has traded through our target price. Meanwhile, EPS estimates have trended sideways since the company's IPO to modest portfolio returns," said analyst Matthew Heimermann. "We believe the perpetual nature of the company's asset base…