Morgan Stanley lowered the firm’s price target on Evercore (EVR) to $373 from $397 and keeps an Overweight rating on the shares. The firm notes the stock underperforming intraday, despite a high-quality EPS beat. Morgan Stanley’s view is the stock reaction reflects elevated expectations and mixed forward commentary on comp ratio and Q4 seasonality. Overall message from Evercore was positive, with the dealmaking environment improving, the firm adds.
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