Keefe Bruyette analyst Michael Brown downgraded Moelis to Underperform from Market Perform with a price target of $37, down from $40. The company posted a revenue beat this quarter but there are “headwinds on the horizon” that may cause Moelis to fall short of expectations, Brown tells investors in a research note. He expects consensus estimates to fall as commentary from the earnings call was “generally negative.” Expectations are too high and the shares are likely to reset lower alongside falling earnings estimates, Brown contends.
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