Moelis price target lowered to $42 from $70 at Morgan Stanley

Morgan Stanley analyst Ryan Kenny lowered the firm’s price target on Moelis (MC) to $42 from $70 and keeps an Underweight rating on the shares. Recent trade developments raise recession risk and the firm expects the M&A pipeline to be impacted by deteriorating market conditions and prolonged uncertainty for CEOs looking to do deals, the analyst tells investors.