UPDATE: Keefe, Bruyette & Woods Reiterates On Eaton Vance As Patience Is Required

In a report published Friday, Keefe, Bruyette & Woods analyst Robert Lee reiterated a Market Perform rating on Eaton Vance (NYSE: EV), and raised the price target from $38.00 to $41.00.

In the report, Keefe, Bruyette & Woods noted, “Capital deployment strategies today are focused on consistently buying back stock (16% of shares to date) as M&A in NBHC's core markets has yet to materialize. With the stock anchored around TBV (1.04x), buybacks remain a disciplined and low-risk strategy today; however, the more significant value unlock lies in fully normalizing its capital position and achieving greater visibility on the embedded ROAA potential. To us, downside risk remains fairly limited and while upside potential is arguably much higher than current levels, it does require patience.”

Eaton Vance closed on Thursday at $37.33.