UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Eaton Vance
In a report published Wednesday, J.P. Morgan & Co. reiterated its Neutral rating on Eaton Vance Corp. (NYSE: EV), and raised its price target from $30.50 to $32.00.
J.P. Morgan noted, “Eaton Vance is a Boston based investment management firm. It is one of the largest managers of closed end mutual funds and is well known in tax-managed investing and bank loan funds that form a significant portion of their sales. We maintain a Neutral rating on the stock as we see both upside and downside to Eaton Vance's current valuation. They have one of the strongest sales forces in the industry and it has been able to limit its redemptions in volatile markets, even though their fund performance has deteriorated in recent times, particularly equity fund performance. EV's Global Macro fund has won two new sub-advisory mandates that have added ~$1.5bn in new assets, and the Parametric platform is selling well. But we don't see the path right now to the stock continuing to outperform at these levels.”
Eaton Vance Corp. closed on Tuesday at $31.65.
Latest Ratings for EV
|May 2015||JP Morgan||Maintains||Underweight|
|May 2015||Keefe Bruyette & Woods||Maintains||Market Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.