Envestnet price target lowered to $66 from $72 at DA Davidson

DA Davidson lowered the firm’s price target on Envestnet to $66 from $72 but keeps a Buy rating on the shares. Despite the market basket rise of approximately 9% over the past four quarters, Envestnet’s shares are down about 30% year-to-date, the analyst tells investors in a research note. The firm adds that this represents an opportunity on the stock on better expected organic revenue growth and attractive margin expansion over the next 4-5 quarters.