Pershing Square

PS · NYSE

$45.75+$0.94 (+2.10%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $44.81

PS analyst rating

HoldConsensus of 10 analysts over the last 12 months. 10% rate it a buy.

Strong buy0
Buy1
Hold6
Underperform2
Sell1

12-month price target · 12 analysts

Average $43.63 (−4.6% downside)

Low: $36.36
Now: $45.75
High: $55.65

Upgrades and downgrades

The latest rating actions, newest first

PS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 15, 2026	Maintains	Underweight	$41.00 → $40.00	63%
B of A Securities	Oct 13, 2026	Downgrade	Neutral → Underperform	$54.00 → $38.00	55%
Citigroup	Oct 9, 2026	Downgrade	Neutral → Sell	$45.00	59%
RBC Capital	Oct 5, 2026	Maintains	Sector Perform	$41.00 → $44.00	29%
Jones Trading	Sep 29, 2026	Downgrade	Buy → Hold	—	44%
Tigress Financial	Sep 3, 2026	Maintains	Neutral	$39.00 → $41.00	56%
Wells Fargo	Sep 3, 2026	Maintains	Equal-Weight	$34.00 → $36.00	71%
Jones Trading	Aug 24, 2026	Maintains	Buy	$39.00 → $42.00	44%
Citigroup	Aug 19, 2026	Downgrade	Buy → Neutral	—	59%
Tigress Financial	Jul 27, 2026	Initiates	Neutral	$39.00	56%

The case for and against

Updated Oct 15, 2026

Bull case

Pershing Square is well positioned because its fee base is increasingly anchored by permanent capital, with about 98% of fee-paying AUM in Q2 2026 and total AUM rising 22% sequentially to $32.5 billion, which supports durable, redemption-resistant compounding. The first full-quarter benefit from the $5 billion PSUS launch, plus a roughly $77 million fee run-rate and 82.4% FRE margin, points to strong operating leverage as higher AUM should translate efficiently into recurring revenue and distributable earnings. Additional upside comes from potential Preferred Performance Fees in FY27E, the optionality of roughly 230 million Fannie and Freddie shares, and future vehicles like Pershing Square Ventures, all of which could broaden fee-paying AUM and long-term Economic Profit.

Bear case

Pershing Square is facing a weaker fundamental setup as PSH NAV/sh fell to $76.93 at 9/22 from $81.96 at 8/25, driving the YTD return to -9.1% and leaving it needing +10.0% with 14 weeks left in the year to regain the YE25 mark. The business is also highly exposed to volatility because it earns only management and performance fees, has concentrated portfolios of 10-15 positions, and remains heavily dependent on William Ackman as sole Portfolio Manager, making fee revenue and execution unusually fragile. Despite some recurring-earnings strength, the stock trades at 41.2x FY27E FRE/sh versus a 19.9x peer median, while persistent NAV discount risk, HHH execution uncertainty, and sector-wide multiple compression argue that valuation still exceeds the underlying fundamentals.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.