B. Riley raised the firm’s price target on Victory Capital to $57 from $48 and keeps a Buy rating on the shares following the memorandum of understanding to combine with Amundi U.S. Post-expense savings, Victory is acquiring Amundi U.S. at an attractive 4-5 times EBITDA multiple, the analyst tells investors in a research note. The firm says the deal will increase the company’s assets under management by 75% to $275B, be Victory’s largest subsidiary, and provide much needed scale to the platform.
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Read More on VCTR:
- Victory Capital price target raised to $55 from $53 at BMO Capital
- Victory Capital Announces Strategic Integration with Amundi US
- Amundi to be combined into Victory Capital in exchange for 26.1% stake
- Victory Capital reports March AUM $170.3B vs. $164.9B in February
- Victory Capital reports February AUM $164.9B
