- Stabilization in Europe, greater cooperation in the U.S. Congress, positive impacts from tapering, and modest economic growth paint a positive picture for rising advisory fee pools in 2014, Susquehanna says.
- "We expect industry fees to grow 10%-15% off 2013 levels and believe independent firms will continue to gradually take fee share. We still believe Evercore Partners (EVR) is the most attractive of the three advisory firms. EVR looks to have the most momentum based on recent announced deal trends coming into 2014."
- Firm is positive on EVR with a $67 one-year target, and neutral on Greenhill (GHL) and Lazard (LAZ).