Moelis price target lowered to $29 from $30 at Morgan Stanley

Morgan Stanley analyst Ryan Kenny lowered the firm’s price target on Moelis to $29 from $30 and keeps an Underweight rating on the shares after assuming primary coverage of the name. The analyst sees near-term headwinds to the company’s comp ratio in a lower-revenue environment. Moelis’ focus on banker hiring and retention should create near-term headwinds but longer-term share gains, says the firm.