Citizens reaffirmed its Market Outperform rating on Perella Weinberg Partners (NASDAQ: PWP) and kept a $32.00 price target, citing what it describes as substantial upside in 2026. The stated target represents about 38% potential appreciation from PWP's prevailing price of $23.26, a stock that has delivered a year-to-date gain of 34.45%.
In its review, Citizens highlighted the firm’s ability to beat expectations in the most recent quarter despite testing market conditions. That performance, the bank said, is notable after a prior year that Citizens believes did not fully reflect Perella Weinberg’s operational capacity.
InvestingPro data cited by Citizens shows Perella Weinberg remained profitable over the past twelve months with diluted earnings per share of $0.47. Analysts referenced by the same platform expect net income to increase this year, supporting a narrative of improving fundamentals.
Citizens flagged several specific drivers that could unlock additional revenue. The firm estimates that successfully closing several large transactions that previously stalled could contribute an incremental $100 million to $200 million of revenue. Alongside deal conversion possibilities, Perella Weinberg has expanded its Advisory Partner ranks by roughly 15% year-over-year.
The bank also noted product expansion initiatives, including additions such as Devon Park in Private Capital. Those moves, combined with staffing increases and a reopened deal pipeline, are expected to position Perella Weinberg to capture a greater share of the recovering M&A cycle. Citizens characterizes this as a potential incremental growth tailwind in the range of 15-20% or more.
On a comparative basis, Citizens projects Perella Weinberg will log the strongest revenue growth among publicly traded investment banks in 2026 and may sustain high-end growth as the company matures. InvestingPro projections included in the assessment show revenue growth of 37% for fiscal 2026 and an EPS of $2.18.
Valuation metrics discussed in the review underline the tension between growth expectations and current pricing. PWP trades at a price-to-earnings ratio of 49.49, while the price/earnings-to-growth (PEG) ratio stands at 0.32, a combination Citizens views as implying attractive growth-adjusted value. InvestingPro’s Fair Value model, however, indicates the stock appears slightly overvalued at present, though Citizens points to momentum and the growth outlook as possible justification for a premium.
Perella Weinberg’s most recent quarterly results support the upbeat assessment. The company reported fourth-quarter 2025 earnings per share of $0.17, beating the $0.15 consensus estimate - a 13.33% surprise. Revenue for the quarter was $219 million versus an expected $191.39 million, a positive surprise of 14.43%. Citizens and market analysts reacted favorably to those outperformance metrics, viewing them as evidence of financial resilience and operational efficiency.
Overall, Citizens’ repeated Market Outperform rating reflects a view that deal flow recovery, recent hires, and product-line expansion could combine to drive strong top-line growth in 2026 for Perella Weinberg. The firm’s outlook balances that potential against current valuation signals and the need for stalled transactions to close.