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UPDATE: Citi Downgrades Eaton Vance

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In a report published Thursday, Citi analyst William Katz downgraded Eaton Vance (NYSE: EV) to See from Neutral, dropping its price target to $37.00 from $40.00.

According to the report, the downgrade follows underlying flow dynamics continue to worsen. The analysts see C2014 as a turbulent flow year for EV, led by low(er) impact implementation services.

“Based on November/December AUM disclosure, we estimate approximately $100M net inflows for the two month period, or essentially flat organic growth,” the report noted. “However, we point out: 1) ex Implementation Services (IS), which carry ~11 bps fee rates, LT organic growth was negative; 2) further, if we strip out Floating Rate, where capacity issues are mounting, LT organic attrition has accelerated; and, 3) EV is no longer generating outsized organic or EPS growth, which we see as the bull argument.”

EV closed Wednesday at $40.69.

Latest Ratings for EV

DateFirmActionFromTo
Dec 2019UpgradesUnderweightNeutral
Nov 2019MaintainsNeutral
Nov 2019MaintainsHold

View More Analyst Ratings for EV
View the Latest Analyst Ratings

Posted-In: Citi William KatzAnalyst Color Downgrades Analyst Ratings

 

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