Pershing Square is trading 10.13% lower at $48.73 after BofA Securities downgraded the stock.
- BofA cut its rating to Underperform from Neutral and lowered its price target to $38 from $54.
- The decline is much sharper than the nearly flat broad-market readings supplied for October 13.
- Available reporting confirms the downgrade as a catalyst, though its cited premarket price differs from the live price context here.