Nomura Securities Upgrades Evercore Partners (EVR) to Buy

October 28, 2016 9:06 AM EDT
Get Alerts EVR Hot Sheet
Price: $70.15 -1.89%

Rating Summary:
    9 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
Trade EVR Now!
Join SI Premium – FREE

Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.

Nomura Securities upgraded Evercore Partners (NYSE: EVR) from Neutral to Buy with a price target of $65.00.

Analyst Steven Chubak commented, "After spending a considerable amount of time digging into our EVR model post earnings, we were very encouraged by a number of trends, including: strong share gains and backlog growth, best-in-class EPS momentum, and a heavily discounted valuation. Our analysis indicated that EVR should continue to grow revenues / earnings even if industry M&A activity slows (similar to what we have seen through the first 9M’16), something which is not reflected in cons.

Bottom Line: Following today’s share weakness (-2.4%, vs. +0.2% S&P Fins.), another significant advisory win with QCOM / NXP ($33mn fee, or ~4% of 2017E cons.; Fig. 9), and further upward cons. revisions post 3Q beat (+2%), we believe risk / reward looks very compelling. Despite best-in-class EPS momentum (+4%) with EVR the lone firm in our coverage with positive revisions YTD (Fig. 6), shares continue to lag (-2%), and are trading near their relative P/E trough (vs. S&P). We expect shares to outperform as positive earnings and backlog momentum drive upward revisions / multiple expansion."

For an analyst ratings summary and ratings history on Evercore Partners click here. For more ratings news on Evercore Partners click here.

Shares of Evercore Partners closed at $53.30 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Upgrades

Related Entities

Standard & Poor's, Nomura, Earnings

Add Your Comment