Greenhill no longer a Sell at Nomura

|About: Greenhill & Co., Inc. (GHL)|By:, SA News Editor

Analyst Steven Chubak cashes in his chips on his January "Reduce" call on Greenhill (GHL) after a near-20% decline in the stock. While some of his initial concerns - rich valuation, lagging market share growth, and too-high expectations - remain, the current price, dividend support, and an improving Q2 backlog make for a more balanced risk/reward situation.

"While we believe GHL remains a compelling relative short vs. peers (LAZ, EVR), with little absolute downside at current levels, we are upgrading to Neutral, with our price target unchanged at $49."