Virtus profits to take hit from market volatility- Piper Sandler

Virtus Investment Partners

18/05/2022 13:33

** Piper Sandler cuts target price for asset manager Virtus
Investment Partners Inc  VRTS.O  to $300 from $325
    ** New TP marks a 66% upside to stock's previous close
versus an 80% upside for previous TP
    ** Brokerage estimates volatility in markets continuing in
the first half of the second quarter, and higher outflows from
VRTS funds will reduce EPS for 2022 and 2023
    ** However, brokerage reiterates "overweight" rating, saying
VRTS remains significantly undervalued
    ** YTD, VRTS shares have lost 39%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))