UPDATE: Citigroup Raises PT to $24 on Eaton Vance
Citigroup reiterates its Sell rating on Eaton Vance (NYSE: EV) bur raises its price target on shares by $4 to $24 on market appreciation and higher valuation for the sector.
Citigroup says, "Our revised target is 12x our revised C12 EPS estimate, and a moderate discount to peers. By contrast key peers, such as BEN and IVZ trade at 12.7x and 12.8x to C12 EPS despite both superior growth and positioning prospects, we believe."
EV closed at 27.43 a share on Wednesday.
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