Envestnet price target raised to $60 from $52 at Raymond James

Raymond James analyst Patrick O’Shaughnessy raised the firm’s price target on Envestnet to $60 from $52 and keeps an Outperform rating on the shares. Market appreciation during the quarter will have little impact on Envestnet’s Q1 results as asset-based revenue is generated from quarter-beginning assets under management, but the firm’s forward estimates move higher on market tailwinds during the quarter, the analyst tells investors in a research note.