SEI Investments (SEIC) PT Lowered to $69 at Piper Sandler

Piper Sandler analyst Crispin Love lowered the price target on SEI Investments (NASDAQ: SEIC) to $69.00 (from $72.00) while maintaining a Neutral rating.

The analyst commented, "SEI reported a core beat versus our estimate after excluding one-time severance costs in the quarter. Firmwide operating margins expanded with additional improvement in the private banks segment as management continues to be focused on expense control and long-term margin expansion. Revenues increased 9% YoY with help from markets as average levels in the S&P were up 12% sequentially, but have turned into a headwind in the second quarter. We are decreasing our 2024 and 2025 EPS estimates to $4.08 and $4.30 from $4.25 and $4.51 after marking our model to market. We are lowering our price target to $69 from $72, which is based on 17x (unch.) our lower 2024 EPS estimate. While we like the margin expansion, we would like to see more consistent sales activity to drive revenue acceleration and a higher multiple over the long-term."

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