Envestnet price target raised to $67 from $62 at DA Davidson

DA Davidson raised the firm’s price target on Envestnet to $67 from $62 and keeps a Buy rating on the shares. The firm is updating its forecast to reflect its expectations of a 4.0%-4.2% positive return for the “60% equities / 40% fixed income” market basket in Q1, the analyst tells investors in a research note. The firm believes that Envestnet has built a defensible position as the leading domestic provider of advisor technology and is well positioned to generate attractive growth in revenue and earnings in the long-term.