Envestnet upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Envestnet to Hold from Underperform with a price target of $59, up from $47, following the Q1 report. The firm says the headwinds it cited in its downgrade almost three years ago are no longer present. Envestnet’s results suggest organic growth has likely bottomed with the company now in the harvesting phase of its investment cycle, the analyst tells investors in a research note. When overlaid with better expense management, Envestnet will see significant operating leverage should the macro picture improve, contends Jefferies.