Pali Research Downgrades Greenhill & Co (GHL) to Neutral; Valuation Call
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Pali Research downgrades Greenhill & Co (NYSE: GHL) from Buy to Neutral.
Pali analyst says, "Shares are now above our price objective of $90, currently trading at 23x our 2010 estimate. The revision is reflective of valuation. We note that our 2010 EPS estimate assumes a 66% seq. increase in merger fees already so it is hard to make the case for levels dramatically above that. Second, we think that with the successful close of Iridium, non-advisory revenue will likely become a bigger piece of revenue going forward. Accordingly, it is tough to make the case for higher than current multiples given the added layer of revenue and earnings volatility. The outlook for GHL remains robust."
"We are raising our 2009 EPS estimate to $2.86 from $1.57 previously. Our Q3’09 EPS estimate goes to $1.32 from $0.30...Our Q4’09 EPS estimate goes to $0.72 from $0.45, which is due to an improvement in M&A activity. Our 2010 EPS estimate remains unchanged at $3.91 and compares to a consensus estimate of $3.05."
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Greenhill & Co., Inc., together with its subsidiaries, operates as an independent investment banking company in North America and Europe.
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