Virtu Financial price target lowered to $20 from $21 at Citi

Citi lowered the firm’s price target on Virtu Financial to $20 from $21 and keeps a Neutral rating on the shares ahead of the Q1 results. In a quarter marked by a number of major bank failures, market activity was slower than expected, the analyst tells investors in a research note. Realized volatility was much lower than levels seen in Q1 of 2022 and Q4, which will likely compress spreads for both on/off exchange equity related activity, says the firm. It trimmed forward Virtu estimates accordingly.