NEW YORK (TheStreet) -- Shares of Eaton Vance Corp. (EV) are sinking 3.99% to $42.15 in pre-market trading Monday after the investment management firm was downgraded to "underweight" from "neutral" by analysts at J.P. Morgan Chase this morning.
J.P. Morgan said intraday pricing limits the product's attractiveness and says many other firms are likely to pursue the same opportunities.
Shares of Eaton Vance rose Friday after the SEC's ruling of exemptive relief for exchange traded managed funds.
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Boston-based Eaton Vance manages investment funds and provides investment management and advisory services to high net worth individuals as well as institutions.
Separately, TheStreet Ratings team rates EATON VANCE CORP as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EATON VANCE CORP (EV) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."