Virtus Investment Partners (VRTS) PT Raised to $400 at Piper Sandler

Piper Sandler analyst Sumeet Mody raised the price target on Virtus Investment Partners (NASDAQ: VRTS) to $400.00 (from $365.00) following record results of 1Q21.

The analyst reiterated an Overweight rating, stating "We expect flows, the positive fee rate trend and strong capital position allowing for near-term M&A to continue, as well as future accretion benefits from the Westchester acquisition. Increasing our '21 and '22 adjusted EPS estimates from $29.70 / $35.45 to $32.49 / $37.96, respectively. Our estimate increases reflect removal of cost impacts from the P&L related to AGI, higher management fees (AUM) and a modestly lower comp ratio. We are increasing our price target to $400 which represents ~7x our EV to 2022 EBITDA estimate (unchanged) and implies 11x our 2022 adjusted EPS estimate (unchanged)."

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