Evercore Inc (NYSE:EVR) is the "best pure-play among boutique investment banks" that are poised to benefit from accelerating M&A activity, according to BofA Securities.

The Evercore Analyst: Analyst Ebrahim Poonawala initiated coverage with a Buy rating and price target of $435.

The Evercore Thesis: The company has a high mix of advisory revenues, which accounts for around 80% of total revenue, Poonawala said in the initiation note.

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Evercore's advisory revenues are divided almost equally between M&A and non-M&A advisory, he added.

"The firm’s tech expertise and franchise expansion, such as acquiring UK advisory boutique Robey Warshaw, offer strong growth potential as M&A activity expands beyond the US," the analyst wrote.

Evercore may be considered a boutique investment bank, "given its top ranking on M&A league tables (ranked 8) combined with a leading private capital franchise," he further stated.

M&A activity is likely to reach a record high in 2026, which means there is room for positive earnings revisions, Poonawala said.

EVR Price Action: Shares of Evercore had risen by 1.01% to $365.98 at the time of publication on Monday.

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