Evercore downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst James Yaro downgraded Evercore to Neutral from Buy with a price target of $140, down from $158. The company’s longer-term sales growth trajectory remains intact, which should support “best-in-class” revenue growth by 2025, the analyst tells investors in a research note. However, the firm says questions persist around Evercore’s nearer-term revenue growth trajectory in light of greater recent pressure on its M&A backlog than at peers, its greater exposure to currently weaker M&A markets, and mounting antitrust scrutiny in the U.S. and in Europe.