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 (NYSE: 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."