Evercore upgraded to Buy from Sell at UBS

UBS double upgraded Evercore to Buy from Sell. The company is executing better than expected despite the challenging backdrop for mergers and acquisitions, the analyst tells investors in a research note. The firm says Evercore’s relationships are strong enough to generate over $500M per quarter in advisory revenue even though financing banks are in a better competitive position. UBS adds that Evercore’s valuation is at a 5-turn discount relative to its long-term average.