10:05 AM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our target by $2 to $216, on forward P/E of 14.4x our 2025 EPS estimate, in line with EVR's 10-year average multiple. We keep our 2024 EPS estimate at $10.95 and 2025 at $15.00. EVR posted Q1 2024 adj. EPS of $2.13 vs. $2.16, in line with consensus on net revenues that rose 2% Y/Y. Low growth was driven by investment banking revenues that were flat Y/Y, as a 7% decrease in Advisory fees offset a 143% increase in Underwriting activity. The decline in advisory fees was a result of lower revenues earned on large transactions during Q1, as total client transactions improved 5% Y/Y (227 vs. 217). Underwriting activity strength was driven by healthier deal volume, especially within equity capital markets as IPO volumes started to improve. Assets under management increased 18% Y/Y to $13.0B. The compensation ratio jumped to 66.0% vs. 63.5% Y/Y due to significant senior banking hires, while non-compensation expenses jumped 19% Y/Y as professional fees and travel expenses rose on improved activity levels.