BUZZ — Ackman's Pershing Square slides after BofA downgrades stock

* Shares of Bill Ackman's Pershing Square slide 12% to $47.78 * BofA Global Research downgrades PS to "underperform" from "neutral"; slashes PT to $38 from $54, a 30% downside to last close * Brokerage says the underperformance of PS flagship funds delays further fundraises; expects asset manager to push back its venture capital-focused investment vehicle given tougher market conditions * "We think PS may also delay the timeline for its four other initiatives (Asymmetric, Opportunistic, Crossover, Absolute Return) which it plans to launch over the next five years" - BofA Global Research * One of 10 brokerages rates the stock "buy", 6 "hold" and three "sell" or lower; median PT $41 - data compiled * PS stock has gained 33.5% in last 3 months (Reporting by Arasu Kannagi Basil in Bengaluru) ((mailto:ArasuKannagi.Basil@thomsonreuters.com;)