Nomura Initiates Coverage on Evercore Partners
In a report published Thursday, Nomura analyst Steven Chubak initiated coverage on Evercore Partners (NYSE: EVR) at Buy with a $72.00 price target
According to the report, EVR should continue to take market share, given higher levels of SMD productivity and that reduced expense drag from new hires / growth initiatives should translate into ~500bp margin improvement through 2016, which is not reflected in consensus.
Some highlights from the report included:
-Margin expansion and strong capital return justify a ~19x blended target P/E multiple, $72 TP (24% potential upside to shares). --FY13E EPS at $2.25. -FY14E EPS at $2.86.
EVR closed Wednesday at $60.27 with shares trading up at 2.62 percent.
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