UPDATE: Jefferies Lowers PT on Eaton Vance to $26

Jefferies is out with its report today on Eaton Vance EV, lowering its PT to $26 from $34. In its report, Jefferies writes, "Our revised $26 price target is based on an approx 12.5x multiple of our revised CY12 EPS est., a slight premium to peers. EV is currently trading at 12.0x our CY12 est." Jefferies maintains Hold on EV. Shares of EV closed Thursday at $23.97, up 6.06% from Wednesday's close.