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Sandler downgrades Greenhill & Co. on slowing performance

Sandler O'Neill & Partners' Jeffery Harte downgraded Greenhill & Co. Inc.'s stock rating to "hold" from "buy" on a slowdown in advisory business.

Transaction announcements have been "disappointingly weak," according to the analyst, prompting him to cut EPS estimates to 3 cents from 53 cents for 2017 and to $1.28 from $1.55 for 2018. For the third quarter, Harte now expects a 25 cent loss.

Harte also lowered the price target to $18 from $25, noting the stock has risen since the recapitalization and tender offer announcements in September. The stock closed at $17.05 on Oct. 9.