Victory Capital price target raised to $40 from $38 at RBC Capital

RBC Capital analyst Kenneth Lee raised the firm’s price target on Victory Capital to $40 from $38 and keeps an Outperform rating on the shares after its Q2 earnings beat. The company remains well-positioned to take advantage of any pivot in fixed income net flows, the analyst tells investors in a research note. RBC adds that M&A remains a priority for Victory’s free cash flow allocation, and its management believes that the company could participate in what could be a pick up in activity through this year and into 2024.