B. Riley upgraded Victory Capital (VCTR) to Buy from Neutral with a price target of $70, up from $60. The firm increased estimates to reflect higher than previously modeled assets under management from the recently closed Amundi transaction. Victory has traded down along with traditional asset manager peers year-to-date, but the recent closing of the Amundi transaction adds a high-quality growth franchise and scale that will drive better earnings and net flow growth versus peers, the analyst tells investors in a research note.
Don’t Miss TipRanks’ Half Year Sale
- Take advantage of TipRanks Premium for 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VCTR:
- Victory Capital reports March-end AUM of $167.5B
- Victory Capital price target lowered to $64 from $68 at Morgan Stanley
- Victory Capital Completes Strategic Acquisition of Amundi US
- Victory Capital price target lowered to $87 from $89 at BofA
- Victory Capital reports total client assets $179.5B as of February 28