UPDATE: Goldman Sachs Group Upgrades Eaton Vance Corp. to Neutral, Raises PT
In a report published Monday, Goldman Sachs Group upgraded its rating on Eaton Vance Corp. (NYSE: EV) from Sell to Neutral, and raised its price target from $25.00 to 29.50.
Goldman Sachs noted, “We upgrade EV to Neutral on improving flows as Large Cap Value outflows lighten, retail interest in tax-managed strategies grows and the firm leverages long-term benefits from the Hexavest/Clifton acquisitions. Our thesis that sizeable outflows would drive a re-rating of EV's premium multiple did not play out as we hoped. EV's flow outlook has now improved incrementally. Since adding EV to the Americas Sell List on December 15, 2010, the shares are +3.2% vs. the S&P 500 +14.6%. Over the past 12 months, EV shares are +32.7% vs. the S&P 500 +13.6%. We raise FY2013/2014 estimates to $2.10/$2.33 from $1.98/$2.13 on higher flow and introduce our FY2015 EPS.”
Eaton Vance Corp. closed on Friday at $31.88.
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