Perella Weinberg Partners downgraded to Sell from Buy at Goldman Sachs

Goldman Sachs double downgraded Perella Weinberg Partners to Sell from Buy with a price target of $11.50, down from $14. The company has faced growth challenges historically that will continue in the near-term, the analyst tells investors in a research note. By 2025, Perella’s relative to the peak in 2021, Goldman expects peer earnings to be down only 15% on average, versus Perella’s down 35%, the analyst tells investors in a research note. The firm sees the company’s growth impacted by less director hiring, weaker M&A backlog trends and its large cap M&A skew, which is impacted by longer time frames from announcement to closing.