BofA Securities on Monday initiated coverage of Evercore Partners (NYSE: EVR) with a Buy rating and set a price target of $435.00. Evercore is trading around $362 per share and the company has a market capitalization of about $14.3 billion.
The research team at BofA emphasized Evercore’s distinctive positioning among boutique investment banks. The firm pointed to Evercore’s current standing in M&A league tables - where it ranks eighth - and highlighted the strength of Evercore’s private capital franchise as differentiating attributes for the advisory specialist.
BofA’s $435 price objective translates to an implied upside of approximately 20% from the stated trading level. The firm noted that this target sits slightly above the current analyst high target of $438, and contrasted its outlook with InvestingPro’s proprietary Fair Value model, which suggests the stock may be slightly overvalued on a fair-value basis.
The research note also contained forward-looking commentary about market activity, with BofA expressing expectations for potentially record M&A activity in 2026. The firm suggested that stronger deal volumes could create room for positive revisions to Evercore’s earnings-per-share forecasts, which in turn might support further expansion in the company’s price-to-earnings multiple.
BofA additionally described management initiatives aimed at broadening Evercore’s revenue mix. Those efforts include expanding operations in the U.K., bolstering the firm’s restructuring practice, and continuing to develop private capital capabilities. These strategic moves were presented as part of a broader effort to diversify revenue streams beyond core advisory fees.
Supplementary data points drawn from InvestingPro notes were included in the coverage summary. Among those were that Evercore has paid dividends for 19 consecutive years and carries a current dividend yield of 0.93%. The firm was also noted for delivering strong returns over five- and ten-year intervals.
Recent financial results were also referenced. Evercore reported third-quarter 2025 results that beat consensus: earnings per share of $3.48 versus forecasts of $3.23, and revenues of $1.04 billion compared with expected revenue of $936.61 million. Despite the upside in results, market reaction to the quarter was mixed.
Separate analyst moves were noted in the market response. UBS initiated coverage with a Neutral rating, citing challenging consensus estimates that create a high bar for Evercore. Morgan Stanley downgraded its rating from Overweight to Equalweight on valuation concerns but retained a price target of $373.00. Morgan Stanley also indicated Evercore remains a top-performing boutique within its coverage for year-to-date 2025.
In corporate developments, Evercore’s CEO John S. Weinberg is scheduled to speak at the Goldman Sachs 2025 Financial Services Conference. The company plans to provide a live audio webcast of the presentation via its Investor Relations website.
Overall, BofA’s initiation frames Evercore as a boutique advisory firm with distinct strengths in M&A ranking and private capital, while other market signals and models point to differing valuation perspectives. The coming trajectory of M&A activity and management’s diversification efforts will be central to how those views evolve.