Keefe Bruyette upgraded Moelis (MC) to Outperform from Market Perform with a price target of $86, up from $71. The firm says that despite recent volatility, with credit spreads widening off of 17-year lows, it expects a constructive economic backdrop in 2025 with durable growth and relatively benign credit. Keefe shifted its preferences in the merger and acquisition independents space, with a downgrade of Lazard and upgrades of Evercore and Moelis.
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