KBW Lowers GHL Target To $68

KBW is lowering its 1Q11 estimates on Greenhill & Co., Inc. GHL to a loss of ($0.31) from $0.38 as it “looks like several deals that were expected to close in 1Q11 are pushed out to 2Q11.”

“Also, the base level of comp. has risen due to hiring and awards of RSUs are expensed during service period leaving little flexibility to rein in comp. ratio in revenue light qtrs,” KBW writes. “Lowering est. and price target to $68.”

Greenhill closed Wednesday at $61.92.