SEI Investments price target raised to $87 from $80 at Oppenheimer

Oppenheimer raised the firm’s price target on SEI Investments (SEIC) to $87 from $80 and keeps an Outperform rating on the shares. The firm notes SEI reported Q1 EPS of $1.17 vs. its estimate of $1.14 and consensus’ $1.12. The beat was broad based, and all segments exceeded Oppenheimer’s expectation on operating margin. Despite macro concerns, management emphasized that there was no slowdown in sales cycle and pipeline over the past few weeks. More importantly, both AUA and AUM went up 3% and 2% quarter-over-quarter respectively, despite S&P 500 down 4.6% quarter-over-quarter.