As previously reported, Sandler O'Neill analyst Jeffery Harte upgraded Moelis to Buy from Hold following the 29% decline in Q4 to-date, the bulk of which was driven by a 17% single day decline after the company reported what he viewed as "a relatively modest" Q3 revenue miss. He did not find 22% year-over-year revenue growth and an 8% revenue miss relative to his expectations to be "that disappointing" and does not believe "the punishment fits the crime," Harte tells investors. The analyst, who also notes that Moelis' visible transaction backlog has improved meaningfully during Q4, has a $45 price target on the shares.