UBS Maintains a 'Buy' on Envestnet (ENV); Fidelity Overshadows Solid Core Results

UBS maintains a 'Buy' on Envestnet (NYSE: ENV) price target cut from $16 to $13.

UBS analyst says, "ENV reported a solid 3Q, beating both our estimate and the Street consensus. We continue to have a favorable view of the ENV story, a pure play on the growth of the independent advisor space. While the current environment creates near-term challenges, longer term it reiterates the value proposition of ENV’s product offerings, which should lead to market share gains. High visibility into future revenue generation should allow for expense controls at the same time. Lastly, a robust conversion pipeline should continue to drive attractive organic growth."

"Raising FY11E to $0.39 from $0.37; lowering FY12E to $0.52 from $0.62: Our FY11 EPS estimate revision is entirely driven by the 2-cent beat in 3Q, while our 4Q11 estimate was already in line with company guidance. Our FY12 estimate comes down primarily as a result of new disclosures around the new Fidelity agreement."

For an analyst ratings summary and ratings history on Envestnet click here. For more ratings news on Envestnet click here.

Shares of Envestnet closed at $11.42 yesterday.

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