- Smaller-cap investment banks have been in the green every day since the Trump victory, among them Houlihan Lokey (HLI +3.3%), which today has broken through to another all-time high.
- UBS's Brennan Hawken says that while restructuring activity may decline amid more optimism for the economy, boosted M&A potential, fairness opinions, and other services HLI offers could more than make up for it, and he's boosting price targets across his boutique IB coverage.
- More: Corporate tax reform under Trump would be of "meaningful benefit" to HLI given its significant U.S. exposure (86% of revenue). Lazard (NYSE:LAZ) and Invesco (NYSE:IVZ) might even consider changing their domiciles to the U.S. to take advantage.
- Other players: Evercore (EVR), Greenhill & Co. (GHL +2.3%), Piper Jaffray (PJC +0.1%), PJT Partners (PJT -0.3%), Moelis & Co. (MC +0.5%)
- Source: Bloomberg