UPDATE: Bank of America Downgrades Eaton Vance Corp. to Underperform, Reiterates $42 PT on Valuation

In a report published Wednesday, Bank of America analyst Cynthia Mayer downgraded the rating on Eaton Vance Corp.

from Neutral to Underperform, but reiterated the $42.00 price target. In the report, Mayer noted, “We expect EV to underperform peers, as above-average flows are already reflected in its premium and recent flows to floating rate funds may be fading slightly. EV has strong distribution and a varied product set including tax-managed and floating rate products which attract flows when investors focus on tax hikes and interest rates. Its equity fund performance has been average YTD, but ahead of peers on a 1, 5, and 10-year basis.” Eaton Vance Corp. closed on Tuesday at $41.38.