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Citi Makes Stark Call on Bill Ackman's Pershing Square
GuruFocus ·
GuruFocus reports: Bill Ackman (Trades, Portfolio)'s Pershing Square came under pressure Friday after Citi downgraded the stock to Sell/High Risk from Neutral/High Risk , arguing that its near-term valuation has become difficult to justify. Shares fell 2.1% to $53.20 in premarket trading after the call. Citi said the stock had moved beyond the level supported by its valuation framework, effectively arguing that the recent share-price move has run ahead of what the underlying business can…