PJT Partners downgraded to Underperform from Peer Perform at Wolfe Research

Wolfe Research downgraded PJT Partners to Underperform from Peer Perform with an $89 price target. The company has executed well and the shares outperformed in 2023, but the setup for 2024 is a bit more challenging, the analyst tells investors in a research note. The firm sees headwinds emerging in 2024, with PJT less heavily indexed to an M&A recovery, and says liability management could slow with interest rate cuts following a strong 2023.