Credit Suisse analyst Ashley Serrao weighed in on Greenhill & Co., Inc. (NYSE:GHL) in light of delay to merge Teva and Allergan. The analyst reduces 2Q16 EPS estimates from $0.70 down to $0.37, and lowers 2017 EPS estimate from $1.15 to $1.07 in light of this “soft environment.”

The analyst continues to expand on her concerns, noting, “Furthermore, we see revenue backlog and concentration risk as elevated heading into an uncertain time for M&A, while GHL’s limited restructuring and middle market presence provides little defense to weather any downturn. We also note significant cash commitments leading to share count dilution, as well as ongoing MD retention issues.”

Because the company has achieved a “rich valuation,” the analyst downgrades the company from Neutral to Underperform with a $13 price target.

According to TipRanks, Ashley Serrao has a 59% success rate recommending stocks with a 2.6% average annual return per rating.