Morgan Stanley lowered the firm’s price target on Victory Capital to $25 from $26 and keeps an Underweight rating on the shares. In its earnings preview for the asset managers, the firm notes it has lowered its FY23 and FY24 EPS estimates by 3% and 6%, respectively, on lower AUM levels and soft flows. The firm’s forecasts are now about 1% and 6%, respectively, below consensus on FY23 and FY24 EPS and adds its sees continued near-term pressure for the traditional managers given uncertain and volatile markets.
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Read More on VCTR:
- Victory Capital price target lowered to $45 from $46 at BofA
- Victory Capital price target lowered to $45 from $47 at BMO Capital
- Victory Capital reports AUM of $161.9B as of August 31
- Victory Capital management to meet virtually with Piper Sandler
- Victory Capital reports AUM of $165.9B as of July 31