UPDATE: Bank of America Downgrades Eaton Vance to Underperform

Bank of America downgrades Eaton Vance EV from a Neutral to an Underperform rating and maintains a price target of $29. Bank of America remarks, “EV has suffered uneven flows for some time, and we forecast EV's July quarter outflows will worsen to -$1.7bn., equivalent to -3.4% annualized loss rate, vs. basically flattish flows in the April quarter. Higher outflows from EV Large Cap Value (despite improving performance) and greater bank loan outflows drove greater outflows in May, according to Simfund data.” Eaton Vance closed at $26.87 on Monday.