Moelis price target raised to $50 from $34 at Wolfe Research

Wolfe Research raised the firm’s price target on Moelis to $50 from $34 and keeps an Underperform rating on the shares. The market is pricing in high probability of a soft landing and interest rate cuts for the brokers, asset managers and exchanges group in 2024, but is not adequately considering downside risks, the analyst tells investors in a research note. The firm recommends “leaning into higher quality names on sale” given greater asset sensitivity, and cyclical names with idiosyncratic tailwinds.