2024-04-08 03:08:17 ET
Summary
- Evercore's performance has not improved year over year due to its focus on sponsor clients that have been affected by interest rate hikes.
- Sequential sales growth is coming in, but YoY revenues were down 6%, while other companies in the industry saw growth, particularly in the mid-market.
- Headcount increases from 2021 haven't really done them wonders either.
- We aren't confident that large ticket sponsors are going to see the improvements in funding conditions that they need with "higher for longer" being necessary.
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Evercore: Sequential Improvements, But Exposure To PE Shows