UPDATE: Citigroup Raises PT on Eaton Vance to $25

Citi remains at a Neutral rating on Eaton Vance (NYSE: EV) and increases its price target from $23.50 to $25.00.

Citi comments, “Pre 6/18 market open, EV announced it will acquire a 49% interest in Hexavest Inc, a $9.9B in AUM Montreal-based predominantly active global equities institutional manager. The all-cash deal is expected to close in F4Q12 (Oct). While the deal diversifies the equities footprint and overall merits appear positive, there is some execution risk around distribution and the lack of deal consolidation will not optically help flows where the outlook appears mixed in the ST. Revised target reflects higher EPS.”

EV closed at 25.76 on Monday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.