Pershing Square Inc. initiated with a Buy at JonesResearch
JonesResearch initiated coverage of Pershing Square Inc. (PS) with a Buy rating and $39 price target. The Pershing Square USA (PSUS) IPO converts $5B of incremental fee-paying assets under management into pure recurring management fee revenue on a near-fixed cost base, says the analyst, who calls Pershing Square Inc. "the cleanest fee-related earnings story in the listed alt-manager universe."
JonesResearch initiated coverage of Pershing Square Inc. (PS) with a Buy rating and $39 price target.
The Pershing Square USA (PSUS) IPO converts $5B of incremental fee-paying assets under management into pure recurring management fee revenue on a near-fixed cost base, says the analyst, who calls Pershing Square Inc. "the cleanest fee-related earnings story in the listed alt-manager universe."