Virtu Financial upgraded to Buy from Neutral at BofA

BofA analyst Craig Siegenthaler upgraded Virtu Financial (VIRT) to Buy from Neutral with a price target of $45, down from $52. With valuation having declined by 24% over the last 90 days, the firm recommends taking advantage of recent underperformance, the analyst tells investors. While Virtu has seen some market share slippage, low-double digit percentage growth in its core retail brokerage end market “should allow for positive long-term earnings growth” and the firm expects the company to more aggressively pursue product expansion under new leadership, the analyst tells investors.