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Citi Just Downgraded Bill Ackman's Pershing Square Stock to Sell, Citing a $45 Price Target Versus Its $60 Peak. Is PS Stock Overvalued After Its April IPO Rally?

The Motley Fool·
Citi Just Downgraded Bill Ackman's Pershing Square Stock to Sell, Citing a $45 Price Target Versus Its $60 Peak. Is PS Stock Overvalued After Its April IPO Rally?

Pershing Square (PS) stock has fallen 25% from its October peak of $60 to $45 after Citi and Bank of America downgraded it to sell/underperform, citing overvaluation at 54x forward earnings. Both analysts lowered earnings projections due to tepid investment performance and modest expected returns, despite the stock's 87% surge since its April IPO.

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