Why PJT Partners Stock Withered on Wednesday

PJT Partners stock fell 1.46% on Wednesday following downbeat analyst moves. Keefe, Bruyette & Woods downgraded the stock to market perform from outperform with a price target cut from $195 to $159, citing concerns about slowing M&A growth. UBS also reduced its price target from $176 to $165. The declines reflect worries that rising interest rates are making companies more hesitant to pursue debt-funded deals, pressuring the boutique investment bank's advisory business.