Credit Suisse Downgrades Virtus Investment Partners (VRTS) to Neutral
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Credit Suisse downgraded Virtus Investment Partners (NASDAQ: VRTS) from Outperform to Neutral with a price target of $119.00 (from $104.00).
Analyst Ari Ghosh commented, "We are Downgrading Virtus to Neutral (from Outperform) given the stock's strong performance over the last three months during which the stock price increased 41% (vs. the average asset manager which was down 9%), and in turn now embeds a significant portion of upside that we project. Company fundamentals continue to improve, with net flows inflecting positive in 3Q and fund performance ranking one of the highest in our coverage, while management has executed an aggressive capital deployment plan and has reduced the share count by 30% (in addition to maintaining the div and seeding new products) since the beginning of the year. And while VRTS is now one of our favorite Neutral rated stocks, we look for a more attractive entry point before we get more constructive."
Shares of Virtus Investment Partners closed at $111.55 yesterday.
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