BofA Securities Downgrades Pershing Square to Underperform

BofA Securities downgraded Pershing Square Inc. (PS) to Underperform from Neutral and lowered its price target to $38 from $54, adding pressure to the investment firm’s shares before Tuesday’s U.S. session.

PS shares were down 4.06% at $52.02 in premarket trading Tuesday. The move followed a previous downgrade by Citi, which cut Pershing Square to Sell/High Risk from Neutral/High Risk.

BofA’s revised target is below the premarket share price.