Oct 24, 2026, 2:49 AM ETPJT Partners Inc. (PJT) StockCrosslight Partners53 FollowersSummaryI rate PJT Partners a Buy, as market pessimism on M&A cyclicality overlooks the restructuring upside from rising credit risk in AI infrastructure.PJT's dominant position in restructuring and growing secondary transaction business provides countercyclical strength amid M&A and primary fundraising slowdowns.Valuation reflects limited upside versus Houlihan Lokey, but PJT carries less execution risk and stands to benefit from a potential restructuring wave.Key risks include delayed restructuring pickup, AI-driven fee compression, and regulatory headwinds, but current market pricing underestimates PJT's forward opportunity.wildpixel/iStock via Getty ImagesPreambleThis is the second part of Crosslight Partners' series on the beneficiaries of a potential 2008-style credit crisis in AI. It follows yesterday's article on Houlihan Lockey.I rate PJT a Buy as myThis article was written byCrosslight Partners53 FollowersI have been covering the equity market in Europe and the US for the past 24 years, firstly on the Sell side (Morgan Stanley, Citi, BoFa) then on the buyside (Goldman Sachs Asset Management). My sector focus has been TMT until I managed funds with a broader mandate. The fund I have run was ranked in the 2nd percentile (over 3 years) and 1st percentile (over 1 year) from 4,000 Global equity funds across all regions. I was also deputy PM on the main $4Bn+ global fund. I have developed a passion for forensic analysis and wrote a book on it with 126 tests, 5 cases, 100+ examples over 140 pages. Its titl: "Due Diligence: a Survival Guide for the Golden Age of Fraud"). I have also built an "Agent" that runs these tests. I live in London.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments