PJT Partners upgraded to Neutral from Sell at UBS

UBS analyst Brennan Hawken upgraded PJT Partners (PJT) to Neutral from Sell with a price target of $175, up from $130. The firm says the significant investments in the company’s strategic advisory practice and the sustainability of its premier restructuring and special situations business are expected to deliver substantial operating leverage as capital markets reopen. While the stock’s recent rerating is concerning, consensus forecasts look too low, which makes it hard to argue for underperformance, the analyst tells investors in a research note.