UPDATE: Citi Lowers PT on Eaton Vance to $29 (EV)

Citi is out with its report today on Eaton Vance (NYSE: EV), lowering its price target from $30 to $29.

In a note to clients, Citi writes, "We affirm our non consensus Sell recommendation, trim our calendarized 2011-12 “cash” EPS estimates and shave $1 from our 12-month price target to $29 following mixed post F1Q11 conference call on 2/23. On a 'GAAP' EPS basis, we adjust our F11-12 (October) estimates from $1.87 and $2.08 to $1.75 and $2.15."

Shares of EV closed yesterday at $31.24, down 5.16% from Tuesday's close.