Sterne Agee Reiterates on Envestnet Following Strong 3Q13 Results

In a report published Thursday, Sterne Agee analyst Greg Smith reiterated a Buy rating and $43.00 price target on Envestnet (NYSE: ENV).

In the report, Sterne Agee noted, “Envestnet reported strong 3Q13 results with revenues, adjusted EBITDA, and ending asset levels all beating our estimates. EPS of $0.15 was $0.01 ahead of consensus and in line with our expectation. 4Q13 adjusted EBITDA guidance was ahead of our expectation. Consequently, we are raising our 4Q13 EPS by $0.01 to $0.16. We are maintaining our 2014 and 2015 EPS estimates, but visibility is improved as 3Q ending asset levels were higher than our expectations.”

Envestnet closed on Wednesday at $36.73.