** Investment bank PJT Partners' shares rise 1.9% to $164.35

** UBS upgrades PJT to "neutral" from "sell"; raises PT to $175 from $130, an 8.5% upside to stock's last close

** Brokerage says boutique investment banks such as PJT have substantial potential for revenue growth as capital markets improve and number of dealmakers increase

** Consensus forecasts look too low for PJT, which makes it hard to argue for stock underperformance - UBS

** Brokerage says PJT is well positioned to capture greater market share because its focus is on large-cap deals and ~90% of its revenue is domestic

** One of six brokerages rate the stock "buy", three "hold" and two "sell" or lower; median PT $150 - LSEG data

** As of last close, PJT shares up 58.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))