UPDATE: Goldman Sachs Upgrades Evercore Partners to Neutral on M&A-Driven Inflection Point

Goldman Sachs upgraded Evercore Partners Inc EVR from Neutral to Buy and raised its price target from $28 to $37. Goldman Sachs said, "We upgrade shares of EVR to Buy from Neutral, as we see 14% upside to our new $37 price target (previously $28). We see a building backlog of advisory assignments at both the industry and boutique level as evidence that 2013 will represent an inflection point for a new M&A cycle as policy uncertainty subsides. EVR (M&A provides 80% of revenues) represents a pure play on that trend, and with the most exposure to US advisory among the boutiques we cover at more than 90% of announcements, we believe EVR is best positioned to capitalize on increasing activity in the United States." Evercore Partners closed at $32.78 on Wednesday.