Eaton Vance Downgraded at Wells Fargo (EV)

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Investment manager Eaton Vance Corp. ( EV ) saw its rating downgraded on Thursday by analysts at Wells Fargo.

The analyst cut its rating on EV to "Market Perform" from "Outperform," and set its valuation range for the stock at $35-36. Eaton Vance shares had closed at $35.17 on Wednesday.

Wells Fargo said that "EV has a solid management team, in our view, which we believe is more focused on increasing shareholder value, not revenues or AUM. The company offers an array of high-quality niche products, including taxadvantaged and tax-efficient funds, which are well positioned for the current environment, in our opinion. However, in recent months, EV shares have dramatically outperformed most asset management peers and now seem fairly valued."

Eaton Vance shares fell 29 cents, or -0.8%, in premarket trading Thursday.

The Bottom Line
We have avoided shares of EV since our early June 2008 coverage began, when the stock was trading at $41.01. The stock has technical support in the $30 price area. If the shares can continue to firm up, we see overhead resistance around the $39-$40 price levels. We would remain on the sidelines for now.

Eaton Vance Corp. ( EV ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: EV

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