Morgan Stanley Initiates Coverage On Envestnet Inc.
By Benzinga Staff
September 07, 2010 9:58 AM
September 07, 2010 9:58 AM
Symbols: ENV
Morgan Stanley is initiating coverage of Envestnet (NYSE: ENV) at Overweight with a $15 price target. They believe Envestnet is primed to drive outsized growth, benefiting from the shift of financial advisors to independence, trend towards outsourced technology, and the operating leverage of its technology platform.
The 12-month price target of $15 offers 46% upside, vs. a 28% average for our coverage universe. Morgan Stanley believes the stock can outperform once investors see evidence of conversions (other firms outsourcing
tech to ENV — perhaps as early as 4Q10).
ENV closed Friday at $10.49
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