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Author: sklam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 105  
Subject: These guys get it Date: 11/23/2005 9:14 AM
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An outstanding 3Q earnings report.

Most metrics were higher:

Successful, to the point that S&P downgraded the stock:

Eaton Vance (EV ) : Cuts to 3 STARS (hold) from 4 STARS (buy)
Analyst: Robert Hansen, CFA

Eaton Vance posted October quarter earnings per share of 31 cents vs. 27 cents, matching our estimate. We are impressed by consistent net client inflows, aided by strong demand for the company's closed-end funds, which have transitioned towards more equity offerings. However, growth in sales incentives, compensation costs, and stock option grants temper our enthusiasm for Eaton Vance shares. We are leaving our fiscal year 2006 (ending October) earnings per share estimate at $1.37 and keeping our 12-month target price at $29, 21 times our fiscal year 2006 earnings per share estimate. Trading at a price to earnings multiple comparable to peers, we now view the valuation on the shares as appropriate.

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