Citizens on Wednesday reaffirmed a Market Perform rating on PJT Partners, keeping its outlook steady and making no material adjustments to forward earnings projections.
Valuation data cited in the note point to a price-to-earnings ratio of 26.05 for PJT and a price/earnings-to-growth ratio of 0.33, a level the analyst characterized as suggesting attractive valuation relative to the company’s growth prospects.
The research team continued to express conviction that PJT is positioned to deliver what they called another record year in 2026, but that view did not prompt a change to the firm’s financial forecasts. Citizens retained a 2026 earnings-per-share estimate of $8.50, which the firm calculates as about 21.7% growth year over year. The analyst also put forward a 2027 EPS projection of $10.20, implying roughly 20% growth from the 2026 level.
Those estimates are consistent with the view that net income will expand this year, and Citizens noted that four analysts have already revised earnings estimates upward for the upcoming period.
In describing PJT’s competitive position, the research note said the firm has been "impressed with PJT’s ability to scale its capacity, drive network effects, and continue growing its relevance in the market, while also diversifying the business mix." The analyst framed these operational attributes as supportive of future profit growth even as the stock has come under pressure.
Citizens also commented on recent price action, saying the market’s response "is filtering across the broader group" and describing the movement as "a bit more technical than fundamental as the revenue trajectory continues to accelerate." Over the past week, PJT’s share price declined by 10.13% despite reported revenue growth of 14.61%.
Earlier results for PJT’s fourth quarter of 2025 provide context for the company’s recent performance. The firm reported EPS of $2.55 for the quarter, above the forecast of $2.38, representing a 7.14% earnings surprise. Quarterly revenue totaled $535.00 million, modestly ahead of the expected $533.21 million. Despite beating analyst estimates on both earnings and revenue, PJT’s shares registered a slight decline in pre-market trading following the release, a move the note attributed to broader market sentiment and possible profit-taking.
The analyst’s report also referenced the availability of a deeper research package, including additional tips and a comprehensive research report covering PJT and a broad set of U.S. equities, for those seeking more granular detail on forecasts and drivers.
For investors and market participants, the Citizens note underscores a tension between firm-level fundamentals - expanding revenue and consensus-beating quarterly results - and near-term stock price action that the analyst describes as more technical in nature. The research call leaves forward EPS assumptions intact while flagging continued operational strengths that the firm believes will support further growth.