Moelis downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst James Yaro assumed coverage and downgraded Moelis to Sell from Neutral with a price target of $37, down from $40. The analyst anticipates greater stress on 2023 expectations due to a larger M&A backlog decline. Yaro also notes that Moelis is trading "expensively" relative to its historical multiples and those of its peers.