Houlihan Lokey

HLI · NYSE

$130.33+$3.26 (+2.57%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $127.07

HLI analyst rating

BuyConsensus of 6 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy5
Hold1
Underperform0
Sell0

12-month price target · 9 analysts

Average $156.93 (+20.4% upside)

Low: $146.45
Now: $130.33
High: $185.85

Upgrades and downgrades

The latest rating actions, newest first

HLI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Oct 9, 2026	Upgrade	Market Perform → Market Outperform	$175.00	64%
Morgan Stanley	Oct 8, 2026	Maintains	Overweight	$177.00 → $165.00	40%
UBS	Oct 7, 2026	Maintains	Neutral	$147.00 → $154.00	43%
BMO Capital	Aug 3, 2026	Maintains	Outperform	$160.00 → $145.00	56%
UBS	Jul 30, 2026	Maintains	Neutral	$161.00 → $147.00	43%
Goldman Sachs	Jul 30, 2026	Maintains	Buy	$171.00 → $148.00	67%
Morgan Stanley	Jul 30, 2026	Maintains	Overweight	$187.00 → $177.00	40%
Keefe, Bruyette & Woods	Jul 30, 2026	Maintains	Outperform	$160.00 → $153.00	21%
Keefe, Bruyette & Woods	Jul 10, 2026	Maintains	Outperform	$172.00 → $160.00	21%
Morgan Stanley	Jul 9, 2026	Maintains	Overweight	$193.00 → $187.00	40%

The case for and against

Updated Jul 18, 2025

Bull case

Houlihan Lokey Inc has seen a positive trajectory in its financial outlook, driven by a significant 45% year-over-year increase in transaction activity, which has led to higher corporate finance revenues of $421.6 million, surpassing both internal and market estimates. The firm is benefiting from favorable M&A and capital market conditions, with an elevated backlog indicating strong ongoing demand for restructuring services. While timelines for transactions remain extended, overall sentiment is improving, particularly for lower middle-market sponsors, which bodes well for future revenue growth.

Bear case

Houlihan Lokey Inc's financial outlook is negatively impacted by the potential for an impending recession, which could lead to a sharp decline in M&A volumes and capital market activity. Despite reporting restructuring revenues of $130.9 million, the figure fell short of internal estimates and only modestly exceeded consensus expectations, highlighting challenges in revenue growth. Furthermore, the firm's middle market-focused business model results in less visibility into future performance, increasing the overall risk profile of the company's financial stability.

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