Citizens upgraded Houlihan Lokey to Outperform from Market Perform with a $175 target price, sending shares of the investment banking firm up 4.1% in the afternoon session. According to TipRanks, Citizens said the shares trade well below their historical valuation and that the outlook is strengthening in financial restructuring and in financial and valuation advisory. The firm said backlog and new business hit records in the second quarter, activity has improved each month since the spring disruption, and pitch activity is running ahead of last year. The upgrade comes ahead of the third-quarter earnings report. After the initial pop, the shares cooled down to $130.07, up 3.6% from the previous close.
Citizens Financial Group, Inc.
Houlihan Lokey Inc
CTBC Financial Holding Co Ltd