RBC Capital analyst Daniel Perlin lowered the firm’s price target on Envestnet to $47 from $67 and keeps a Sector Perform rating on the shares. The analyst cites the company’s reduced FY23 guidance in spite of the “solid” Q3 results. RBC further sees a challenging environment for net flows across the industry as well as continued weakness in Envestnet’s data & analytics business that continue to act as headwinds to revenue growth, even though the company’s expense control efforts are benefiting margins.
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