Envestnet (NYSE:ENV) Should Continue Momentum on Equity Tailwind

Even though the year has continued with a strong case of equities, it's uncertain that will remain the case, but even if they start to fall off, Envestnet (NYSE:ENV) should continue to have forward momentum on tailwinds from 2010.

UBS said, "We are raising our price target for ENV to $19, and taking our 2011 EPS estimate to $0.66 from $0.62, driven by recent strength in equity markets and a lower discount rate. The stock has run 86% since the July IPO and now trades at 25x our new FY11 EPS estimate, a significant premium to peers (median 22x FY11E EPS). However, as an asset-sensitive story we believe the recent rally in equities will be a strong tailwind for ENV in 2011, and expect Street estimates (2011E EPS consensus $0.52 vs. $0.66 UBSe) will need to come up."

UBS maintains a "Buy" on Envestnet (NYSE:ENV), which closed Wednesday at $16.49, down $0.26, or 1.55 percent. UBS raised their price target on them from $16 to $19.