BofA/ML Reiterates Buy Rating on Evercore Partners
November 16, 2011 3:51 PM
BofA/ML is out with a research report this afternoon, where it reiterates its Buy rating on Evercore Partners (NYSE: EVR); it has a $37.00 price target on the stock.
The BofA/ML analysts cited a recent presentation by company management at the BofA/ML 2011 Banking and Financial Services conference. The analysts characterized the company as the ‘fastest growing independent advisory firm over the last few years.”
They also noted that management's tone remains constructive, despite global headwinds.
As for valuation, the analysts remarked, “We value EVR by applying a 10x multiple on the Asset Management business and a 20x multiple on the Advisory business. This value, to which we apply a 5% discount to account for market fluctuations, results in our PO of $37.”
