Evercore upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Ryan Kenny upgraded Evercore to Overweight from Equal Weight with a price target of $131, up from $102, after assuming coverage of the name. The company trades at one of the lowest multiples in the midcap advisors space, despite having solid "pay for performance" comp ratio management and a "resilient" revenue base, the analyst tells investors in a research note. The firm views Evercore as underappreciated for its resiliency, both on the comp ratio side and on the revenue side, and argues for a re-rating higher of the shares.