Ackman's Pershing Square slides after BofA downgrades stock

** Shares of Bill Ackman's Pershing Square PS.N slide 12% to $47.78

** BofA Global Research downgrades PS to "underperform" from "neutral"; slashes PT to $38 from $54, a 30% downside to last close

** Brokerage says the underperformance of PS flagship funds delays further fundraises; expects asset manager to push back its venture capital-focused investment vehicle given tougher market conditions

** "We think PS may also delay the timeline for its four other initiatives (Asymmetric, Opportunistic, Crossover, Absolute Return) which it plans to launch over the next five years" - BofA Global Research

** One of 10 brokerages rates the stock "buy", 6 "hold" and three "sell" or lower; median PT $41 - data compiled by LSEG

** PS stock has gained 33.5% in last 3 months