Moelis price target raised to $83 from $77 at Wells Fargo

Wells Fargo analyst Michael Brown raised the firm’s price target on Moelis (MC) to $83 from $77 and keeps an Equal Weight rating on the shares. The firm cites an impressive quarterly result from Moelis, with top line beat and comp leverage. Deal closings are being backfilled, supporting management’s optimism, Wells adds.