Nomura Securities Upgrades Evercore Partners (EVR) to Buy
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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."
Shares of Evercore Partners closed at $53.30 yesterday.
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