Victory Capital price target lowered to $45 from $47 at BMO Capital

BMO Capital lowered the firm’s price target on Victory Capital to $45 from $47 but keeps an Outperform rating on the shares after hosting investor meetings with its management. The analyst notes that the reduced price target reflects Q3 market depreciation, though the firm also views the stock’s discounted valuation as being disconnected from the company’s earnings potential and capital deployment optionality. Victory Capital remains one of BMO’s preferred asset manager ideas considering its consistent operational execution, the firm tells investors in a research note.