Morgan Stanley lowered the firm’s price target on Virtus Investment (VRTS) to $168 from $173 and keeps an Underweight rating on the shares. Flows were softer than expected in Q4 and the firm is lowering its Q4 flow estimate by 30 basis points while cutting Q4 EPS estimates by 5% on average for the Asset Managers it covers, the analyst tells investors in a preview.
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