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Dick Bove Starts Coverage of Boutique Bank Greenhill

Rochdale Securities Banking Analyst Richard Bove initiated coverage of boutique investment bank Greenhill & Co. with a "buy" rating Wednesday, Reuters reported.

Bove put a price target of $105 a share on the stock.

The stock closed at $89.71 on Tuesday and is up nearly 30 percent for the year.

Greenhill is among a group of smaller firms that have taken advantage of concerns about bonuses and pay restrictions at "bulge-bracket" firms and hired away key bankers, Reuters reported.

Boutique firms are now taking market share away from the top names in merger and acquisition business.

Greenhill is rated No. 16 in M&A market share, Reuters reported.

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Disclosure information was not available for Rochdale Securities.

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