Sterne Agee Lowers PT on Eaton Vance to $32

Sterne Agee is out with its report today on Eaton Vance EV, lowering its PT to $32 from $33. In its report, Sterne Agee writes, "We are reducing our price target by $1 to $32. Our target is based on 12.0x 2012 calendar cash operating earnings plus the ~$2.15 of net cash & investments on the balance sheet. On a GAAP basis our target equates to 15.4x calendar '12 EPS." Sterne Agee maintains Buy on EV. Shares of EV closed Friday at $23.24.