Morgan Stanley or Evercore: Which is a Smarter Bet Amid M&A Upcycle?

Key Takeaways Morgan Stanley's IB fees jumped 23% in 2025 and 35% in 2024 as deal activity recovered.Evercore's IB & Equities business posted a 10.7% CAGR from 2020-2025, aided by recovery.Morgan Stanley's 12-month forward P/E is 14.89X versus Evercore's 15.88X, shows former trading at a discount.Morgan Stanley (MS) and Evercore Inc. (EVR) represent two distinct, top-tier investment banking (IB) models. Morgan Stanley pairs advisory and capital markets strength with sizable wealth and asset management platf ...