Pershing Square (PSUS) underperformance in 2026 could delay the launch of Pershing Square Ventures, or PSV, beyond Q4, as well as its other investment-strategy initiatives planned over the next five years, Bank of America Research said in a Tuesday research note.

The underperformance was driven by gains concentrated in semiconductor and technology-hardware companies, as Pershing remained overweight technology platforms, consumer and financials, according to the note.

The brokerage said it maintained its Q3 and 2026 EPS estimates at $0.11 and $0.49, respectively. For 2027 and 2028, it lowered its EPS estimates to $0.77 and $0.95, respectively, from $0.88 and $1.08 earlier.

The company is currently the most expensive asset-manager stock, with a price-to-earnings ratio four times that of the peer group despite a similar growth trajectory, analysts wrote.

BofA downgraded the stock to underperform from neutral and cut its price target to $38 per share from $54.

Price: 37.57, Change: -0.16, Percent Change: -0.42