UPDATE: Credit Suisse Upgrades Eaton Vance Corp. on Organic Growth in a Low Growth World
In a report published Wednesday, Credit Suisse analyst Craig Siegenthaler upgraded the rating on Eaton Vance Corp. (NYSE: EV) from Underperform to Outperform, and raised the price target from $40.00 to $46.00.
In the report, Credit Suisse noted, “We are upgrading EV to Outperform from Underperform and increasing our TP to $46 from $40, which implies a ~16% total return (13.7% stock price appreciation + 2.2% dividend). Our TP is 14.8x our '15 CY EPS estimate which is equal to the multiple embedded in the TPs of the other traditional asset managers. Our FY2014/2015 EPS estimates of $2.55/$3.00 compare to the consensus of $2.52/$2.80.”
Eaton Vance Corp. closed on Tuesday at $40.47.
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