Virtu Financial (VIRT) PT Raised to $48 at Citi

Citi analyst Chris Allen raised the price target on Virtu Financial (NASDAQ: VIRT) to $48.00 (from $45.00) while maintaining a Buy rating.

The analyst comments "VIRT rose ~1.4% following strong 1Q results. Market-making activity was robust during the quarter, with strength balanced between customer and non-customer segments, and the backdrop has only improved to start 2Q. VIRT also highlighted the sustainability of retail activity despite increased volatility, as well as the expansion of its execution services business (with a clear path to $2M daily revs). With tight expense management and a constructive near-term revenue outlook, we believe buybacks could pick up from already healthy levels over the coming quarters. Long-term, VIRT continues to execute on numerous growth opportunities (crypto/block-ETF/FICC). Overall, we continue to like the story here given both offensive (growth oppts, operating leverage potential) and defensive (volatility beneficiary, healthy buyback) attributes. We reiterate our Buy rating."

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