UPDATE: Citigroup Raises PT on Eaton Vance Following June AUM Report
In a report published Tuesday, Citigroup analyst William R. Katz reiterated a Neutral rating on Eaton Vance (NYSE: EV), and raised the price target from $37.00 to $40.00.
In the report, Citigroup noted, “Intraday 7/15, EV disclosed AUM totaled $261B at 6/30, up 10 bps since 4/30 and 1% > our $257B forecast (Figure 1). The higher than forecast AUM appear to be primarily driven by higher than forecast net inflows into low(er) fee Implementation Services (~28% of 6/30 AUM). Nonetheless, data are solid, in our view, given F3Q13TD flows appear to be tracking above F2Q13 and volumes appear diversified across asset class (including institutional equities) though still concentrated into low(er) fee businesses.”
Eaton Vance closed on Monday at $40.14.
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