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Eaton Vance Corp. stock declines after downgrade

Thomas E. Faust Jr. is chief executive of Eaton Vance.
Yoon S. Byun/Globe Staff/File 2012
Thomas E. Faust Jr. is chief executive of Eaton Vance.
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Bank of America’s Cynthia Mayer downgraded the rating on Eaton Vance Corp. from “neutral” to “underperform,” according to the financial blog Benzinga.com. She reiterated her $42 price target. “We expect EV to underperform peers, as above-average flows are already reflected in its premium and recent flows to floating rate funds may be fading slightly,” Mayer wrote. “Its equity fund performance has been average YTD, but ahead of peers on a 1, 5, and 10-year basis.”