Piper Sandler downgrades Virtus Investment on macro headwinds

Virtus Investment Partners

06/02/2023 11:33

** Piper Sandler downgrades asset manager Virtus Investment
Partners  VRTS.O  to "neutral" from "overweight"; maintains PT
$248
    ** Brokerage says markets are expected to improve in H1 but
will be negatively impacted in H2 due to Fed rate hikes  
    ** Adds that VRTS's stock has approached full value, after
recent price rally, given uncertain macro and higher comparison
assumptions
    ** "The firm will grow its market share as the market
recovers from the pandemic era effects" - Piper Sandler
    ** 1 brokerage rates the stock "hold" and 1 "sell"; their
median PT is $199 - Refinitiv 
    ** VRTS shares up nearly 28% YTD
 (Reporting by Priyadarshini Basu)
 ((Priyadarshini.Basu@thomsonreuters.com;))