Shares of Pershing Square (PS) are trading up 4% to $37.27 in pre-market on Tuesday after a major investment bank initiated coverage on the stock.

  • UBS started its coverage of Pershing Square with a Neutral rating and a price target of $39.00 per share.
  • The price target suggests some potential upside from the stock's recent closing price of $35.67.
  • The move also comes amid a broader positive sentiment in the market, with U.S. equity futures trading higher before the bell.