Evercore Partners Inc

Evercore ISI strategist Julian Emanuel says the S&P 500 could climb to 9,000 over the next year, arguing that the AI-driven bull market still lacks the excesses that typically precede major market peaks. The call implies roughly 17% upside from current levels and suggests investors may be underestimating how much further the rally can run. Evercore's established year-end 2026 base case remains 7,750, while the firm has assigned roughly a 30% probability to an upside scenario reaching 9,000, driven particularly by AI-sensitive technology, communication-services and consumer-discretionary stocks. The firm is also finding opportunities outside the market's biggest AI winners, with analyst Kutgun Maral rating Fubo Outperform with an $18 target implying about 80% upside, and analyst Nicholas Amicucci setting a $51 target on SOLV Energy implying 62% upside.

Apnimed Inc., a late-stage drug developer focused on sleep apnea, rose 6.3% on Friday after raising $192 million in an upsized US initial public offering. The company sold 12 million shares at $16 each, above the marketed range of 10 million shares for $14 to $16, and the stock traded at $17 per share as of 11:57 a.m. in New York. The listing gives the Cambridge, Massachusetts-based firm a market value of about $680 million. Apnimed is developing an oral tablet, Oxnimbi, to treat obstructive sleep apnea and submitted a marketing application to the US Food and Drug Administration in April, with a regulatory review expected to take 10 months. The offering was led by Bank of America Corp., Evercore Inc., Cantor Fitzgerald and LifeSci Capital, and shares trade on the Nasdaq Global Market under the symbol APMD.

Carlyle and Bain Capital are the final bidders to acquire Wealth Enhancement in a deal that could value the wealth management platform at about $7 billion including debt, the Financial Times reported. Wealth Enhancement oversees nearly $160 billion in client assets, and its private equity owners TA Associates and Onex have put the business up for sale. The sale process, run by Evercore, is at an advanced stage but may not result in a transaction, and the current owners could still decide to keep the business. The company is a registered investment adviser that has expanded through acquisitions, buying at least six smaller firms since last year. The wealth management sector has attracted private equity interest due to recurring revenues and stable client relationships, with other notable deals including Mubadala Capital's $8.8 billion take-private of CI Financial and Clayton Dubilier & Rice's $7 billion buyout of Focus Financial Partners.

Evercore has advised United PF Holdings on a debt-for-equity restructuring and added veteran healthcare banker Eric Rabinowitz as a senior managing director in New York. The firm's share price recently closed at $331.04, with a fair value estimate of $374.60, suggesting it may be undervalued. Evercore's 1-year total shareholder return stands at 14.01% and its 3-year total shareholder return at about 16.5 times. The company continues to expand internationally, opening offices in EMEA markets including France, Spain, Italy, Dubai, and the UK.

StockStory identifies RBC Bearings and Evercore as two unpopular stocks deserving a second chance, while recommending selling Lake City Bank. RBC Bearings posted 25.2% annual revenue growth over five years and a 15.5% free cash flow margin, with earnings per share growing 19.8% annually over the past two years. Evercore achieved 36.6% annual revenue growth over two years and 70.2% annual earnings per share growth, supported by a stellar return on equity. Lake City Bank lagged with 5.1% annual revenue growth over five years and earnings per share growth of only 3.9% annually, trailing its revenue gains.

Perella Weinberg reported first-quarter revenues of $148.9 million, a 29.7% decline year on year and 10.5% below analyst expectations, making it the weakest performer among 15 tracked investment banking and brokerage stocks. The group overall posted mixed results, with aggregate revenues beating consensus estimates by 0.5% but next-quarter guidance coming in 1.4% below forecasts. Evercore stood out with revenues of $1.40 billion, up 100% year on year and exceeding estimates by 16.6%, while Lazard, Moelis, and Piper Sandler reported mixed outcomes. Perella Weinberg shares have fallen 27.1% since the release, trading at $16.57.

Evercore has demonstrated robust financial performance, with earnings per share growing at a 70.2% compounded annual rate over the past two years, significantly outpacing its 36.6% annualized revenue growth. The company’s revenue has expanded at a 12.3% compound annual growth rate over five years, and it has maintained an average return on equity of 33.5% during that period, well above the sector average of around 10%. Shares currently trade at $366.81, representing a forward price-to-earnings multiple of 20.8 times.

Stifel Financial reported first-quarter revenues of $1.44 billion, up 14.8% year on year and in line with analyst expectations, but its stock dropped 10.3% since the announcement. The firm, one of 15 investment banking and brokerage stocks tracked, delivered record quarterly results with earnings per share of $1.48, beating estimates. In contrast, Evercore posted the strongest performance among peers with revenues of $1.40 billion, a 100% year-on-year surge that exceeded expectations by 16.6%, sending its shares up 9.8%. Perella Weinberg was the weakest, with revenues falling 29.7% to $148.9 million, missing estimates by 10.5% and causing a 29.7% stock decline. Morgan Stanley reported revenues of $20.58 billion, up 16% and beating estimates by 4%, while Charles Schwab's $6.48 billion in revenues, up 15.8%, met expectations.

Irish construction solutions provider CRH has agreed to acquire US-based infrastructure materials company Arcosa in an all-cash transaction valued at approximately $8.5 billion. The deal offers Arcosa shareholders $150 per share, a 25% premium to the 60-day volume weighted average price as of June 18, and is expected to close in the first quarter of 2027 pending shareholder and regulatory approvals. CRH values Arcosa at an estimated acquisition multiple of 11.5 times its projected 2026 adjusted EBITDA and anticipates annual run-rate cost synergies of $175 million within three years. Arcosa operates 109 quarries and yards, nine asphalt plants, and 19 terminals, with expected annual aggregate shipments of around 35 million tonnes and a top-three US market position in engineered structures. CRH plans to fund the transaction through available cash and committed debt financing, with J.P. Morgan and Morgan Stanley as financial advisors and Kirkland & Ellis as legal counsel, while Arcosa is advised by Evercore and Goldman Sachs with legal guidance from Gibson Dunn and Baker Botts.

Evercore has appointed Dennis Cornell as a senior managing director in its private capital markets group, based in New York. Cornell brings more than 25 years of investment banking and capital markets experience, most recently serving as a partner at Apollo Global Management where he originated bespoke capital solutions for corporate and sponsor clients. He previously held a managing director role at Moelis & Co. and spent 20 years at Morgan Stanley, where he led energy investment banking for the Americas. Evercore co-head of U.S. investment banking Dan Mendelow said Cornell's sponsor, corporate, and investor relationships will accelerate growth in the firm's capital markets franchise. The hire is part of Evercore's ongoing expansion of its private capital markets platform, which includes broadening origination capabilities and product offerings across debt and equity placements, securitization, and ratings advisory.