Investment manager Eaton Vance Corp. ( EV ) on Friday saw its price target and earnings estimates lowered by analysts at Jefferies & Co.
The firm maintained its "Hold" rating on EV but cut its price target from $34 to $26. That new target suggests a nearly 9% upside to the stock's Thursday closing price of $24.26.
Jefferies also significantly cut its earnings estimates for the company through 2012, noting that "fund flow trends across the platform continue to deteriorate given the volatile macro backdrop and weak investment performance in certain products. At approx. 11.5x our CY 2012 EPS, we view the shares as fairly valued."
Eaton Vance shares rose 36 cents, or +1.5%, in early trading Friday.
The Bottom Line
Shares of Eaton Vance ( EV ) have a 3.01% dividend yield, based on last night's closing stock price of $23.96. The stock has technical support in the $20-$22 price area. If the shares can firm up, we see overhead resistance around the $26-$28 price levels.
Eaton Vance Corp. ( EV ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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 Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
