Bill Ackman finally took the keys to Pershing Square public in April, and Wall Street is now beginning to weigh in on what that company is actually worth.

Citi was the first major bank to argue it could be worth a lot more than the market currently thinks.

On Tuesday, May 26, the firm initiated coverage of Pershing Square Inc. (PS) with a buy/high risk rating and a $50 price target, according to TheFly, as relayed in Yahoo Finance‘s recap of the call.

That implies more than 40% upside from today’s price.

The call lands at an awkward moment. Most of Citi’s peers initiated coverage of PS the same week with neutral-equivalent ratings, saying the stock has already priced in much of the good news, Reuters reported.

Citi…