Moelis initiated with a Neutral at BofA

BofA initiated coverage of Moelis (MC) with a Neutral rating and $81 price target While the firm considers Moelis among “the best of breed” and sees the firm as well positioned to benefit from a pickup in deal activity given its exposure to M&A advisory, the firm sees better risk/reward elsewhere in the group, the analyst tells investors while initiating coverage on the boutique investment banks.