Jefferies Critiques Eaton Vance F2Q11

Jefferies is providing some commentary on Eaton Vance's (NYSE: EV) F2Q11 results.

“Adjusting for several non-recurring items, EV reported F2Q11 adjusted EPS of approx. $0.48, $0.02 above our estimate and $0.03 above consensus,” Jefferies writes. “While margins were stronger than expected, fund flows were slightly below our estimate and the outlook for organic growth is more uncertain today than in previous periods. At approx. 15x our CY 2011 EPS, we view the shares as fairly valued.”

Eaton Vance closed Wednesday at $32.15.