PJT Partners rises after UBS upgrades to 'neutral'

PJT Partners

06/12/2024 18:27

** Investment bank PJT Partners'  PJT.N  shares rise 1.9% to
$164.35
    ** UBS upgrades PJT to "neutral" from "sell"; raises PT to
$175 from $130, an 8.5% upside to stock's last close
    ** Brokerage says boutique investment banks such as PJT have
substantial potential for revenue growth as capital markets
improve and number of dealmakers increase
    ** Consensus forecasts look too low for PJT, which makes it
hard to argue for stock underperformance - UBS
    ** Brokerage says PJT is well positioned to capture greater
market share because its focus is on large-cap deals and ~90% of
its revenue is domestic     
    ** One of six brokerages rate the stock "buy", three "hold"
and two "sell" or lower; median PT $150 - LSEG data    
    ** As of last close, PJT shares up 58.3% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))