Envestnet (ENV) PT Raised to $52 at Stifel Following 2Q Release

Stifel raised its price target on Envestnet (NYSE: ENV) to $52.00 (from $45.00) while maintaining a Buy rating following the company's 2Q earnings report. Revenue grew 18% y/y (all organic) and EBITDA grew 32%, very similar to 1Q. Outperformance reflected strong fundamental performance in the core business and strong conversion activity

Management raised 2017 revenue growth guidance from 13.1-14.7% to 15.4-16.4% and EBITDA growth from 22.7-27.7% to 25.7-28.7%, largely to reflect the 2Q outperformance.

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