Moelis initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Moelis with an Equal Weight rating and $70 price target. The firm said that the pieces are in place for the company to benefit from a recovery in M&A, and that it is positioned well for the sponsor upswing. The stock’s valuation screens rich, however, as the firm expects Moelis’ premium valuation to persist with limited potential for additional multiple expansion, the analyst tells investors in a research note.