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NEW YORK - Shares of Eaton Vance Corp. fell Thursday after an analyst downgraded the firm to "Underperform" from "Neutral" based in part on the bearish outlook for the wider asset management industry.
| EV | 20.44 |  -1.36 |
Shares of Eaton Vance slid $1.50, or 9 percent, to $16.04, in midday trading.
Buckingham Research Group analyst William Katz also noted that retail investors, or individuals, account for most of the assets managed by Eaton Vance. Katz set his 12-month price target at $14.
Additionally, Goldman Sachs analyst Marci Irizarry on Wednesday lowered his fourth-quarter estimate for Eaton to 34 cents per share, down from 40 per share.
Earnings for 2009 were lowered to $1.15 a share, down from $1.34, while the forecast for 2010 were lowered to $1.30 per share, down from $1.54.
Nevertheless, Irizarry noted Eaton Vance's performance is strong relative to others in the industry. The firm's equity mutual fund was down 16 percent in the fourth quarter to date, compared with the 24 percent average drop for the industry.
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