NEW YORK (AP) ¿ Shares of Eaton Vance Corp. advanced Friday after a Fox-Pitt analyst upgraded the investment manager, citing an improved valuation and market position. In a note to investors, Roger Smith raised his rating to "In Line" from "Underperform" and lifted his price target to $28 from $25. Shares of Eaton Vance rose 79 cents, or 2.7 percent, to $29.50 in afternoon trading. Smith wrote that several previous concerns about the company's fundamentals are being addressed. He noted that the company is seeing stronger flows into funds, improving municipal bond fund performance and improving flows in muni and bank loan funds. "We believe Eaton Vance is in a good competitive position with a diverse asset management business and strong flows," Smith said. Smith also noted that valuation has become more aligned with expectations, with shares up 35.8 percent from the end of 2008. Earlier this week, the Boston-based firm reported third-quarter profit of 26 cents per share. The 37 percent drop from the year-ago period was the result of lower fund inflows, the company said. While net inflows into long-term funds were $3.9 billion compared with $5.8 billion a year ago, the inflows significantly increased from the $800 million reported in the second quarter this year.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Investing
BJ's Wholesale Tops Q1 Earnings Forecast, Confirms Full-Year Guidance
BJ's Wholesale Club Holdings posted stronger-than-expected first quarter earnings Thursday, and confirmed its full-year profit guidance, as same store sales topped forecasts in a challenging environment for U.S. retailers.
Huawei Supplier NeoPhotonics Cuts Second-Quarter Guidance
Lower revenue expectations amid the U.S. ban on business with its main customer, Huawei Technologies, spurs the optical components maker to lower its second-quarter earnings guidance.
Jim Cramer Talks Trade War, Tesla, Best Buy and L Brands Earnings - LIVE
Jim Cramer digs into his latest Real Money opener on U.S.-China trade war, shares his latest thoughts on Tesla, and looks at Best Buy and L Brands, Foot Locker earnings' reports.