JP Morgan Raises 2011 Estimates On Evercore Partners
JP Morgan has published a research report on Evercore Partners, Inc. (NYSE: EVR) as the company experiences improvement among its M&A pipeline and transition in its equities.
In the report, JP Morgan writes "We are adjusting our estimates for Evercore based on the publicly available deal pipeline data for 4Q10 and 1H2011. As should be the case for 2010 vs. 2009, we think that the top line performance for 2011 will be stronger than 2010 and comp expense will further improve in advisory and investment management. We raise estimates based on what we see as improving advisory revenues, better performance in investment management business, share buyback program, offset by investment spending in the equities and private funds group."
JP Morgan has raised the price target from $26.50 to $34 and maintains its Neutral rating.
Evercore Partners closed Friday at $34.95.
