Seeking Alpha

More new brokerage coverage from Nomura

  • New coverage from Nomura keeps rolling in ...
  • Evercore Partners (EVR) rates a Buy and $72 price target: "We believe that EVR should continue to take market share, given higher levels of SMD (senior managing director) productivity and that reduced expense drag from new hires/growth initiatives should translate into ~500bp margin improvement through 2016, which is not reflected in consensus," says analyst Steven Chubak.
  • Stifel Financial (SF) is started a Neutral with $46 price target: "We struggle to justify a positive rating on Stifel shares, as the revenue contribution from lower-multiple Institutional businesses continues to build and the valuation appears too rich trading above 17x consensus NTM earnings ... However, management’s plan to grow the bank could provide a meaningful boost to the bottom line, as lending activities produce much higher margins, and the potential upside here is not reflected in consensus forecasts ... We caution shorts to tread lightly."
  • "We believe future earnings growth from cost initiatives/margin progress is already reflected in the current valuation," he writes, initiating Lazard (LAZ) with a Neutral and $47 price target.
  • Earlier: Coverage of the TBTF banks, and other brokerage names.
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