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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ENV:
- Envestnet cuts FY23 adjusted EPS view to $1.98-$2.01 from $2.09-$2.15
- Envestnet sees Q4 adjusted EPS 51c-54c, consensus 66c
- Envestnet reports Q3 adjusted EPS 56c, consensus 54c
- Envestnet to replace Hostess Brands in the S&P 600 at open on 11/7
- Burlington Stores to replace Envestnet in the S&P 400 at open on 11/7
