PJT Partners assumed with a Neutral at UBS

UBS analyst Michael Brown assumed coverage of PJT Partners (PJT) with a Neutral rating and $180 price target noting strong sector fundamentals across 20 U.S. asset managers and brokers despite more mixed views on valuations and consensus expectations.The outlook favors undervalued growth, disciplined capital allocation, and firms positioned for margin expansion, while secular tailwinds support wealth brokers and independent investment banks whose robust earnings growth appears partly priced in, the analyst tells investors in a research note.