Moelis price target raised to $39 from $29 at Morgan Stanley

Morgan Stanley analyst Ryan Kenny raised the firm’s price target on Moelis to $39 from $29 and keeps an Underweight rating on the shares as the analyst also upgraded the midcap advisors sector to Attractive from In-Line. Lower volatility and recovering markets point to a merger and acquisition inflection in 2024, the analyst argues. While earnings prints are “likely murky” over the coming quarters, investors will focus increasingly on pipelines and “green shoots” as a new M&A cycle begins, says the firm, which believes the capital markets “are starting to show signs of life” and sees an improved outlook for M&A in 2024.