Citi Downgrades Pershing Square to Sell Over Valuation Concerns

Citi downgraded Pershing Square Inc. (PS) to Sell/High Risk from Neutral/High Risk on Friday, citing concerns that the stock’s short-term valuation could not be rationalized.

The downgrade followed a move in which the stock traded through Citi’s target. The change puts the shares under a more cautious view as the market assesses whether their current price is supported by near-term valuation expectations.

PS shares were 2.10% lower at $53.20 in premarket trading at 8:17 a.m. ET (12:17 p.m. UTC). The move occurred before the regular U.S. market session began.