Nomura Initiates Coverage on Evercore Partners

In a report published Thursday, Nomura analyst Steven Chubak initiated coverage on

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.