PJT Partners saw a 1.9% increase in its shares, reaching $164.35, after UBS upgraded its rating from "sell" to "neutral."

UBS also raised its price target for the stock to $175, reflecting an 8.5% increase from the previous close. UBS highlighted the potential for significant revenue growth in boutique investment banks like PJT, driven by improvements in capital markets and increased trading activity. UBS believes that consensus forecasts for PJT may be too low, making the argument for underperformance more complicated. UBS also believes that PJT is well-positioned to capture a larger market share, particularly in large-cap transactions, with the majority of its sales generated domestically.

Currently, one out of six brokers rates the stock as a "buy," while three recommend a "hold," and two suggest a "sell" or lower. The median price target for the stock is $150. PJT shares have experienced a 58.3% surge year-to-date.