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UPDATE: Bank of America Upgrades Eaton Vance to Neutral, Raises PO

Related EV
UPDATE: Eaton Vance Shares Surge On Upbeat Q4 Earnings
Earnings Scheduled For November 25, 2014

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.

Latest Ratings for EV

DateFirmActionFromTo
Dec 2014BairdDowngradesOutperformNeutral
Dec 2014Keefe Bruyette & WoodsMaintainsMarket Perform
Nov 2014Bank of AmericaMaintainsUnderperform

View More Analyst Ratings for EV
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Upgrades Analyst Ratings

 

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