UPDATE: J.P. Morgan Lowers Eaton Vance's PT

According to a research report published this morning, J.P. Morgan has lowered Eaton Vance's

PT from $30 to $27.50. In the report, J.P. Morgan said, "Eaton Vance reported F2Q12 adj. EPS of $0.45, missing our estimate by $0.02 and consensus by $0.03. EV posted net sales for the first time in three quarters, driven by strong inflows into fixed income. However, expenses were higher than we had modeled and are expected to remain somewhat elevated as EV builds its technology infrastructure. We maintain our Neutral rating, as Eaton Vance is still struggling to gain traction from its diverse product range, particularly in current markets." J.P. Morgan maintains its Neutral rating on Eaton Vance, which closed yesterday at $23.98.