SEI Investments (SEIC) PT Raised to $77 at Piper Sandler

Piper Sandler analyst Crispin Love raised the price target on SEI Investments (NASDAQ: SEIC) to $77.00 (from $74.00) while maintaining a Neutral rating.

The analyst commented, "SEI reported a core beat versus our estimate after excluding a couple of one-time benefits in the quarter. Firmwide operating margins increased to 27% from 26% and the company registered a record quarter for sales events at $46M. The quarter was strong with little to pick at and we would expect SEIC shares to outperform in trading on Thursday. We are increasing our 2024 and 2025 EPS estimates to $4.31 and $4.65 from $4.28 and $4.64 following the quarterly results and marking our model to market. We are increasing our price target to $77 from $74, which is based on ~17x (16x previously) our 2025 EPS estimate. The increase in multiple is driven by the improved margin profile and sales events momentum, which should drive future revenue."

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