Piper Sandler raised the firm’s price target on Virtu Financial (VIRT) to $61 from $57 and keeps an Overweight rating on the shares. The firm thinks Virtu is poised to put up “a BIG quarter” in Q1, with adjusted net trading income eclipsing $10M per day for the first time since the “meme stock” impact in Q1 2021. Virtu has been focused on growing its base of trading capital, which is now being deployed into a very constructive market making environment. Record quarterly volumes are expected across several asset classes and volatility in energy, precious metal, and commodity markets should be a significant tailwind for the company’s Q1 results, Piper adds.
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