UPDATE: Citigroup Upgrades Eaton Vance to Neutral on Better Understanding of Company Issues
Citigroup increases its rating on Eaton Vance (NYSE: EV) from Sell to Neutral, but reduces its price target from $24 to $23.50 per share.
Citigroup notes, "Upgrade to Neutral from Sell but lower target $0.50 to $23.50, or 11.5x-12x revised FTM EPS. It is tough to get bullish on EV following uneven F2Q12, equally mixed post quarter recap, and reduced sector multiples. However, with the stock down ~20% from March, the P/E multiple collapsing, and some signs of flow stabilization, we believe idiosyncratic downside is less compelling – even as we further lower EPS estimates. Even at 10x FTM, downside ETR is not overly compelling, and we do not believe EV is fatally flawed that would argue for such a low sustained multiple."
EV closed at $23.98 on Wednesday.
Latest Ratings for EV
|Dec 2014||Keefe Bruyette & Woods||Maintains||Market Perform|
|Nov 2014||Bank of America||Maintains||Underperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.