Victory Capital price target raised to $38 from $35 at BofA

BofA analyst Craig Siegenthaler raised the firm’s price target on Victory Capital to $38 from $35 and keeps a Buy rating on the shares as part of a Q1 earnings preview note on traditional asset managers. Despite the positive market backdrop in Q1, BofA forecasts roughly in-line Q1 EPS results for the Trads but expects the net flow improvement quarter over quarter to help EPS revisions coming out of the prints.