UPDATE: Bank of America Upgrades Eaton Vance to Neutral, Raises PO
In a report published Tuesday, Bank of America upgraded Eaton Vance Corp. (NYSE: EV) from Underperform to Neutral, and raised its price objective from $30 to $32.
Bank of America noted, "[We] are raising Eaton Vance to Neutral from Underperform because of improving net flows, an emphasis on tax-managed products at a time of greater attention to taxes ahead of the Fiscal Cliff; and a new acquisition of Clifton Group Asset Management ($34 billion under management) which should be modestly accretive (perhaps ~$0.04/sh) and add to EV's institutional overlay business. We are also raising our PO to $32 from $30 on a higher target multiple."
Eaton Vance closed at $28.89 on Monday.
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