Ticonderoga Raises FY11, FY12 Estimates on Eaton Vance (EV); Maintains Neutral
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Price: $21.85 --0%
Rating Summary:
2 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga maintains a 'Neutral' on Eaton Vance (NYSE: EV).
Ticonderoga analyst says, "We are raising our FY2011 and FY2012 adj. EPS estimates to $2.04 and $2.24, respectively, from $1.96 and $2.20 previously. Our FY2011 and FY2012 GAAP EPS estimates are now $1.76 and $2.04, respectively, from $1.68 and $2.00 previously. We are also modeling an organic growth rate of 4% through the next several quarters. This is down marginally, reflective of equity outflows. We do expect to see large cap outflows increase given the prolonged period of underperformance."
"Continues to Prove Diversity, But Large Cap Value Is Key - EV continues to deliver flows from different product segments. Bank loan flows, as well as Atlanta capital, now represent key drivers and have helped to offset slowdowns in alternative flows and outflows in municipals. We expect bank loan flows to continue, albeit at a slightly slower pace, as well as steady flows from Atlanta. Large cap value remains the wild card. We do believe EV can absorb some modest level of large cap outflows and still produce organic growth in the 4-6% range given its product breadth and leading sales effort. However, we do not see flow trends that could offset a more meaningful large cap decline. Accordingly, we do believe near-term performance of the strategy has taken on even more importance."
For more ratings news on Eaton Vance click here and for the rating history of Eaton Vance click here.
Shares of Eaton Vance closed at $32.15 yesterday.
Ticonderoga analyst says, "We are raising our FY2011 and FY2012 adj. EPS estimates to $2.04 and $2.24, respectively, from $1.96 and $2.20 previously. Our FY2011 and FY2012 GAAP EPS estimates are now $1.76 and $2.04, respectively, from $1.68 and $2.00 previously. We are also modeling an organic growth rate of 4% through the next several quarters. This is down marginally, reflective of equity outflows. We do expect to see large cap outflows increase given the prolonged period of underperformance."
"Continues to Prove Diversity, But Large Cap Value Is Key - EV continues to deliver flows from different product segments. Bank loan flows, as well as Atlanta capital, now represent key drivers and have helped to offset slowdowns in alternative flows and outflows in municipals. We expect bank loan flows to continue, albeit at a slightly slower pace, as well as steady flows from Atlanta. Large cap value remains the wild card. We do believe EV can absorb some modest level of large cap outflows and still produce organic growth in the 4-6% range given its product breadth and leading sales effort. However, we do not see flow trends that could offset a more meaningful large cap decline. Accordingly, we do believe near-term performance of the strategy has taken on even more importance."
For more ratings news on Eaton Vance click here and for the rating history of Eaton Vance click here.
Shares of Eaton Vance closed at $32.15 yesterday.
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