Billionaire Ackman to Trump: Build roads, bridges and tunnels when traffic is way down
Billionaire hedge fund manager Bill Ackman stated that President Donald Trump should launch the biggest-ever infrastructure program to help the U.S. economy recover from the repercussions of the coronavirus outbreak.
“Roads, bridges, and other infrastructure involve outdoor work that allows for social distancing,” said Ackman on Twitter. “We can finance the infrastructure with near zero cost long-term financing. Building costs will be lower because of lower commodity prices and less competition for labor.”
The appeal comes after Ackman said over the weekend that the hedge fund he manages, Pershing Square Capital Management, invested $500 million to increase its stake in Howard Hughes Corp. (HHC), one of the largest real estate development companies in the US, on Friday.
Alexander Goldfarb, four-star analyst at Piper Sandler, last week downgraded Howard Hughes’ rating to Hold from Buy. Sandler’s $55 price target suggests little potential for gains in the next 12 months, with the stock priced at $55.61 as of March 27. (See Howard Hughes stock analysis on TipRanks)
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