US Brokers and Asset Managers "Brownie Points: Highlighting Feedback from..."

研报英文原文证据摘录

US Brokers and Asset Managers "Brownie Points: Highlighting Feedback from..."

Global Research

10 July 2026ab

US Brokers and Asset Managers Equities

AmericasBrownie Points: Highlighting Feedback from MC

Rating Change Financial

Michael Brown

Analyst

mike.brown@ubs.com

Weekly "Brownie Points" publication highlights key points and emerging trends across +1-212-713 1387

asset mgr & brokers. Note, IB metrics tracked on the following pages.

Daniel Lehmann

Point 1: Feedback on MC Downgrade to Sell Associate Analyst

Earlier this week we downgraded MC to Sell from Neutral at a $60 price target. The daniel-j.lehmann@ubs.com

main crux of the call is that we believe consensus expectations remain elevated on a +1-212-713 2391

business mix that is positioned less favorably in the current M&A cycle, i.e higher Vijeth Mudalegundi

exposure to sponsors and software. In our report, we estimate a ~10% EPS headwind in Analyst

a stressed software scenario. vijeth.mudalegundi@ubs.com

+1-212-649 8172

Focusing on pushback to our call, the main pushback is that the quarter looks good and Mary Mahrer

the pipeline appears to be improving. Analyst

mary.mahrer@ubs.com

+1-212-713 9014

We agree. In fact, 2Q came together well with a solid finish to the quarter, some

Cory Johnson

potential pull forward activity from July, and active PCA transactions. We get the sense

Associate Analyst

some investors have leaned into MC in recent days/weeks given less compelling ideas in cory.johnson@ubs.com

the peer set. But our call is less about the quarter and more about expectations for 2H +1-212-882 0078

and especially 2027. Our 2027E EPS is 20%+ below consensus, driven by lower advisory

revenue and less operating leverage than the Street assumes.

We also agree the pipeline is stronger.