Keefe Bruyette analyst Michael Brown downgraded Perella Weinberg Partners to Market Perform from Outperform with a price target of $8, down from $10. The analyst says that in a “tough” revenue environment, and with the company’s public pipeline down 67% year-to-date, he views Perella’s prospects less favorably. In addition, while today’s CEO change appears to be in line with its succession planning, it came as a surprise and the timing “is not ideal given the intense market turmoil currently,” Brown tells investors in a research note. He believes the shares will be range bound until the outlook for mergers and acquisitions “improves markedly.”
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