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Fly News Breaks for February 6, 2020
Feb 6, 2020 | 08:44 EDT
Buckingham analyst James Mitchell raised his price target for Moelis (MC) to $41 from $39 and reiterated a Buy rating following the company's Q4 results, saying the 2020 outlook was more bullish than expected, with CEO Ken Moelis indicating that business seems as "good as it has ever been." With significant inflows into PE assets continuing, Mitchell says he sees Moelis' positioning in this space as a driver of potential upside and solid growth over the intermediate-term, but notes that while Moelis was a top pick heading into 2020, the stock has rallied nearly 20% year-to-date, and he sees greater near-term upside in Evercore Partners (EVR), his other 2020 top pick among the boutiques.
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