UPDATE: Bank of America Merrill Lynch Lowers PO on Eaton Vance to $39

Bank of America Merrill Lynch is out with its report today on Eaton Vance EV, lowering its PO to $39 from $41. In its report, Bank of America Merrill Lynch writes, "EV reported July-end AUM of $199bn., a decline of 2% in the July quarter. While better than expected, we still need to adjust our model for the market declines, particularly in equity funds (-5.2% in the quarter). We remain above consensus of $0.50. We are also adjusting our ‘11E and ‘12E lower for 5% equity declines, and lowering our PO to $39 from $41 in line with this, though we expect to refine these post earnings." Bank of America Merrill Lynch maintains Buy on EV. Shares of EV closed Monday at $23.71, up 2.02% from Friday's close.