Citi Raises Target On Eaton Vance (EV)

Citi Investment Research is raising its price target on shares of Eaton Vance EV to $30 from $28, but is keeping its Sell rating shares on shares. In a note to clients, Citi writes, "Affirm Sell but edge up 12-month target $2, to $30, ahead of F1Q11 to be announced ~2/23, or 13x revised C11 $2.29 cash EPS estimate — This report looks at: 1) relative performance trends in flagship E/FI funds; 2) organic growth rates and recent drivers; 3) stock price reaction post earnings; and, 4) updates our EPS expectations ahead of F1Q11 earnings expected ~2/23. Our conclusions? Lead indicators are weakening, organic growth is slowing, and the stock has tended to increasingly underperform the SPX following quarterly results." Shares of EV lost 14 cents yesterday to close at $33.24, a loss of 0.4%.