RBC Capital analyst Kenneth Lee lowered the firm’s price target on Victory Capital to $55 from $56 and keeps an Outperform rating on the shares. Investor focus remains on the pending Amundi U.S. transaction, where there is significant expense synergy potential and longer term upside potential from non-U.S. distribution of Victory products, the analyst tells investors in a research note. Victory looks well-positioned to take advantage of the ongoing industry consolidation, and the firm continues to favor its inorganic and organic growth potential, RBC added.
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