BofA raised the firm’s price target on Victory Capital to $59 from $58 and keeps a Buy rating on the shares. Victory Capital reported Q2 adjusted EPS that beat consensus estimates by 2%, with the beat driven by lower operating expenses, primarily due to a write down in the value of potential earn-out payments for prior acquisitions, while net outflows increased sequentially, jumping to $1.7B from $1.0B last quarter, the analyst tells investors in a research note. While repurchases have been paused year-to-date, BofA expects strong buyback activity in 2025 to support incremental EPS accretion.
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