Evercore price target raised to $397 from $315 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Evercore (EVR) to $397 from $315 and keeps an Overweight rating on the shares. With the M&A cycle “gaining steam,” the firm estimates M&A volumes to fully revert back to three decade averages versus nominal GDP in 2027 and is rolling its valuation year from 2026 to 2027, the analyst tells investors in a note on the Midcap Advisors group.