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UPDATE: Citigroup Upgrades Eaton Vance to Neutral on Better Understanding of Company Issues

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Earnings Scheduled For August 17, 2016
Earnings Scheduled For May 25, 2016

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

DateFirmActionFromTo
Aug 2016Keefe Bruyette & WoodsMaintainsMarket Perform
Aug 2016JefferiesMaintainsHold
May 2016Keefe, Bruyette & WoodsMaintainsMarket Perform

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Posted-In: CitigroupAnalyst Color Upgrades Price Target Pre-Market Outlook Analyst Ratings

 

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