Evercore Q3 revenue beats estimates on advisory fees

Overview

• U.S. investment banking advisory firm's Q3 revenue rose 12% yr/yr, beating analyst expectations

• Adjusted EPS for Q3 beat analyst expectations

• Company attributed results to increased advisory and underwriting fees from large transactions

Outlook

• Company did not provide specific financial guidance for the current or future periods in the press release

Result Drivers

• LARGE TRANSACTIONS - Co said higher advisory fees were driven by increased revenue from large transactions and more advisory fees earned

• UNDERWRITING FEES - Co attributed higher underwriting fees to larger average fee size in transactions

• TRADING VOLUME - Co said lower trading commissions were due to decreased trading volume

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment banking & brokerage services peer group is "buy"

• Wall Street's median 12-month price target for Evercore Inc. is $349.00, about 34.3% above its October 27 closing price of $259.86

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)