** Investment bank Moelis' MC.N shares fall 3.5% to $57.98
** Morgan Stanley double downgrades MC to "underweight" from "overweight"; cuts PT to $70 from $100, a 16.5% upside to stock's last close
** Brokerage views MC as a way to play the bull in case of a capital markets rebound, which is now lower in probability
** Says the expected 2025 capital markets rebound isn't playing out as uncertainty around tariffs pushes out deal launches
** MS expected MC to underperform peers given the risk-off environment, but the stock has de-rated less than Jefferies JEF.N and Evercore EVR.N
** Two of nine brokerages rate the stock "buy", five "hold" and two "sell" or lower; median PT is $84.50 - LSEG data
** MC stock down 22% YTD while JEF and EVR have both fallen ~31%
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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