Barclays Lowers Estimates on Eaton Vance (EV); Large Cap Value Fund Drives Outflow
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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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Barclays maintains an 'Equalweight' on Eaton Vance (NYSE: EV) price target of $26.00 (from $27.00).
Analyst, Roger A. Freeman, said, "Overall it was a weak quarter, with outflows continuing to be driven by the Large Cap Value product (-$3.8bn vs. -$3.2bn in FQ2'12 and -$2.1bn in FQ1'12). That said, management noted that a large portion of the redemptions were related to decisions based on the product's performance as of December 31, 2011, and may not fully reflect the very material improvement YTD (the fund ranked in the 23rd percentile YTD, according to Morningstar vs. the 76th in 2011 and the 81st over the trailing three years)."
NOTE - a few days ago, Freeman lowered estimates and felt the quarterly report wouldn't be very good. Today, he's lowering estimates again, cutting FY12 EPS Estimates from $1.86 to $1.83 and FY13 from $2.15 to $2.10.
For an analyst ratings summary and ratings history on Eaton Vance click here. For more ratings news on Eaton Vance click here.
Shares of Eaton Vance closed at $26.47 yesterday.
Analyst, Roger A. Freeman, said, "Overall it was a weak quarter, with outflows continuing to be driven by the Large Cap Value product (-$3.8bn vs. -$3.2bn in FQ2'12 and -$2.1bn in FQ1'12). That said, management noted that a large portion of the redemptions were related to decisions based on the product's performance as of December 31, 2011, and may not fully reflect the very material improvement YTD (the fund ranked in the 23rd percentile YTD, according to Morningstar vs. the 76th in 2011 and the 81st over the trailing three years)."
NOTE - a few days ago, Freeman lowered estimates and felt the quarterly report wouldn't be very good. Today, he's lowering estimates again, cutting FY12 EPS Estimates from $1.86 to $1.83 and FY13 from $2.15 to $2.10.
For an analyst ratings summary and ratings history on Eaton Vance click here. For more ratings news on Eaton Vance click here.
Shares of Eaton Vance closed at $26.47 yesterday.
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