UPDATE: Goldman Sachs Downgrades Evercore Partners (EVR) to Buy

(Updated - January 10, 2017 7:07 AM EST)

(Updated - January 10, 2017 7:06 AM EST)

Goldman Sachs downgraded Evercore Partners (NYSE: EVR) from Conviction Buy to Buy with a price target of $80.00 (from $65.00).

Analyst Conor Fitzgerald comments "Since we added EVR to the CL on January 12, 2016, it has appreciated by 47% vs. a 17% rise in the S&P500 and peers up an average of 24%. While we see continued upside for EVR, given the rally in the stock it no longer represents one of our best ideas in financials. Additionally, while EVR’s strong backlog and outperformance in announcements provide us greater confidence in the company’s earnings outlook than peers, we are more cautious about the M&A advisors as a group in the aftermath of the US election. While the group has been one of the bestperforming financial subsectors, we see the risk/reward as more balanced. Stronger US growth – if it happens – should be a positive for M&A, as could cash reparation to the United States as a part of any tax reform, but elevated political uncertainty could weigh on announcements in the near term.

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 $71.90 yesterday.

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