Citi 因估值担忧将 Bill Ackman 的 Pershing Square 评级下调至卖出

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Citi downgrades Bill Ackman’s Pershing Square to sell on valuation concerns

AuthorRoushni Nair

Stock Markets

Published Oct 11, 2026, 11:54 PM

Citi downgrades Bill Ackman’s Pershing Square to sell on valuation concerns

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Citi downgrades Bill Ackman’s Pershing Square to sell on valuation concerns

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Image 3: © Reuters

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HHH+2.50%

PS+0.28%

Investing.com -- Citi downgraded Pershing Square Inc (NYSE:PS), the investment firm led by billionaire investor Bill Ackman, to "sell" from "neutral", saying the stock's rally has outpaced its earnings outlook and left limited near-term upside.

Citi lowered its rating to "sell/high risk" from "neutral/high risk" in a research note dated October 9, while keeping its $45 price target unchanged.

Pershing Square shares closed at $54.44 on October 8, implying potential downside of 17.3% to Citi's target.

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The downgrade reflects concerns that the company's financial performance may take time to catch up with its valuation. Citi said earnings estimates had remained broadly flat since Pershing Square's April initial public offering, reflecting modest portfolio returns.

While the bank acknowledged the firm's attractive business model, including permanent capital, high recurring fee rates and strong incremental margins, it said these advantages were already reflected in the stock's valuation.

The bank values Pershing Square's existing funds at about $41 per share, with an additional $9 per share in potential value from future fund launches.

However, it said stronger investment performance or better-than-expected fundraising would be needed to justify further upside in the near term.

Citi also revised its earnings forecasts to reflect third-quarter market performance and its impact on assets under management and related fees.

It lowered its 2027 earnings-per-share estimate to $0.89 from $1.01, while raising its 2028 forecast to $0.96 from $0.91, reflecting changes to the timing of performance-fee recapture.

HHH+2.5%PS+0.28%

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Potential upside catalysts include the planned transformation of Howard Hughes Holdings into an insurance-focused business and stronger returns from Pershing Square's existing investments or government-sponsored enterprise holdings.

Citi said it remained comfortable with Pershing Square's long-term strategic and financial prospects, but argued that the current share price was difficult to justify in the near term.

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Citi downgrades Bill Ackman’s Pershing Square to sell on valuation concerns

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