DA Davidson analyst Peter Heckmann kept his Buy rating and $62 price target on Envestnet (ENV), saying its strategic relationship with BlackRock (BLK) announced yesterday marks an "important and positive development" for the company. The analyst expects the "deeper technology integration with one of the leading investment management firms" to boost Envestnet's market footprint, allowing them to "continue to add relationships with new advisers". Heckmann adds that the new equity capital coming from BlackRock will give Envestnet more flexibility to pursue M&A.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

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Shares of Envestnet are up $7.91, or 14%, to $64.45 following Reuters' report.