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Ticonderoga Maintains a 'Buy' on Evercore Partners (EVR); Having Another Strong Quarter For Announced Deals

June 7, 2011 8:56 AM EDT Send to a Friend
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Price: $54.02 -0.99%

Rating Summary:
    7 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 43 | Down: 31 | New: 14
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Ticonderoga maintains a 'Buy' on Evercore Partners (NYSE: EVR), PT $37.

Ticonderoga analyst says, "We continue to think shares offer a great opportunity to gain exposure to an improving M&A climate. LAZ does as well, but asset management plays a larger role; EVR is more of a pure play with roughly 90%-plus of operating income derived from the advisory business. (EVR was named an advisor to International Paper (NYSE: IP) in its $3.4bn hostile bid for Temple-Inland (NYSE: TIN))."

"EVR continues to expand their relationships overseas and add to headcount. Last week EVR announced a strategic relationship with Woori Investment & Securities, a leading South Korean i-bank; this should compliment EVR's current relationships in Asia with CITIC and Mizuho. Relative to peers, expansion into international markets offers the greatest growth opportunity for EVR, as only 22% of revenues have come from outside the US over the last three years (45% for Lazard (NYSE: LAZ) and 28% for Greenhill (NYSE: GHL)). In addition, EVR continues to add to headcount, hiring four Senior Managing Directors so far this year; the new hires specialize in technology, industrials, chemicals, consumer, energy and restructurings. We estimate that advisory MD headcount is up 9% from the end of Q4'10."

For more ratings news on Evercore Partners click here and for the rating history of Evercore Partners click here.

Shares of Evercore Partners closed at $34.20 yesterday.




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