09:30 AM EST, 03/05/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We believe EVR is well positioned to take advantage of a recovery within the investment banking industry in 2024 as capital market conditions improve and rising CEO confidence leads to a risk-on environment. We lift our target by $33 to $214, using a forward P/E of 19.5x our 2024 EPS estimate or 14.3x our 2025 EPS estimate, vs. the 10-year average multiple of 14.4x. We keep our 2024 EPS estimate at $10.95 and raise 2025's by $0.50 to $15.00. EVR is a pure-play investment bank, driving 97% of 2023 revenues from investment banking activities such as advisory (81%), equity underwriting (11%), and trading (5%). We believe each of these segments is well positioned for significant improvement, helping drive revenue growth of 16%-18% in FY 2024. Further, while EVR's focus on senior banking hiring in 2023 led to a jump in compensation expenses (70.8% Q4 2023 vs. 62.5% Y/Y), we believe it leaves the firm well positioned to outperform as investment banking activity increases and managing director productivity improves.