Seaport Research upgraded Moelis (MC) to Buy from Neutral with an $81 price target post the Q3 report. Following the recent underperformance, the shares now trade below historical valuation averages, the analyst tells investors in a research note. Meanwhile, Seaport believes the financial sponsor environment is “clearly getting better” with indications that activity is “finally starting to pick up.” In addition, Moelis’ buybacks could ramp materially, adds the firm. It believes consensus estimates are underestimating the company’s sales growth at MC as financial sponsor activity rebounds.
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