Goldman Sachs Lowers Evercore Partners (EVR) Price Target To $38

Goldman Sachs Group analysts Richard Ramsden, Brian Foran, Daniel Harris and Jessica Binder Graham removed Evercore Partners Inc EVR from its Conviction Buy List but maintained its Buy rating. The price target of Evercore Partners Inc was lowered to $38 per share, down from the previous price target of $40, due to lower 2011 EPS estimates. The Goldman Sachs Group analysts cited the following concerns: "(1) the impact of the recent equity market pullback; (2) less favorable credit market conditions (high yield credit spreads have widened by over 120 bp or 50% QTD, the most since 3Q2008), and (3) Eurozone uncertainty, which may dampen M&A activity until conditions stabilize. In addition, following the 11% pullback in the S&P 500 over the past month, we lower our estimated asset management revenues as fee-based assets have likely fallen alongside the erosion in the broader markets. We lower our 2011-2012 EPS estimates to$2.15/2.80 from $2.25/3.00 to reflect lower advisory levels and asset levels in the firm’s asset management business."