UPDATE: J.P. Morgan Color on Evercore Partners PT Increase
June 10, 2011 7:48 AM
J.P. Morgan, which raised its PT on Evercore Partners Inc. (NYSE: EVR), is providing some color on the stock.
“Evercore announced Tuesday night the acquisition of Lexicon Partners, a UKbased investment banking advisory boutique,” J.P. Morgan writes. “Evercore appears to have been underhitting its potential in Europe and we believe Lexicon's additional resources and track record along with the complementary fit would be a welcome positive for Evercore. We are raising estimates in 2012 by $0.09 to account for our estimate of deal accretion.
“We lower estimates by $0.02 for 2011 primarily due to the increase in share count as a result of the proposed Lexicon transaction. We maintain our Neutral rating and raise our 12/11 price target price target to $35 from $34 before.”
Evercore Partners closed Thursday at $35.46.
