Evercore price target raised to $197 from $152 at Wolfe Research

Wolfe Research analyst Steven Chubak raised the firm’s price target on Evercore to $197 from $152 and keeps an Outperform rating on the shares. The market is pricing in high probability of a soft landing and interest rate cuts for the brokers, asset managers and exchanges group in 2024, but is not adequately considering downside risks, the analyst tells investors in a research note. The firm recommends “leaning into higher quality names on sale” given greater asset sensitivity, and cyclical names with idiosyncratic tailwinds.