Virtus Investment price target lowered to $218 from $225 at Piper Sandler

Piper Sandler analyst Crispin Love lowered the firm’s price target on Virtus Investment (VRTS) to $218 from $225 and keeps an Overweight rating on the shares as part of a Q4 preview for the asset management group. Deal activity has begun to recover, but private credit has dominated headlines as investors worry about a potential surge in defaults, the analyst tells investors in a research note. Piper believes the concerns are overstated, saying fundamentals are “solid” with loan- to-value ratios in the 30%-40% range, “providing substantial cushion against losses.”