Envestnet (ENV) PT Raised to $60 at Raymond James

Raymond James analyst Patrick O\'Shaughnessy raised the price target on Envestnet (NYSE: ENV) to $60.00 (from $52.00) while maintaining a Outperform rating.

The analyst comments "We maintain our Outperform rating on shares of Envestnet and raise our target price from $52 to $60 ahead of 1Q24 earnings results. The company continues to generate meaningful improvements on the margin front and translating this to improved free cash flow is a top priority in 2024. Additionally, we believe a potential divestiture of Yodlee provides optionality and would be well-received by investors, That said, we continue to see limited evidence of improved monetization of existing client relationships, and substantial recent turnover amongst senior leadership elevates execution risk. All told, with Envestnet trading at ~21x our new 2025 non-GAAP EPS estimate, we remain constructive on its shares."

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