Virtu Financial price target raised to $25 from $22 at BofA

BofA raised the firm’s price target on Virtu Financial to $25 from $22 and keeps a Buy rating on the shares. After an EPS beat, the firm is raising 2024, 2025 and 2026 EPS estimates to embed wider effective spreads as well as the momentum in organic growth verticals. The firm expects Virtu’s valuation to rerate upward as the regulatory concerns related to the SEC’s equity market structure reforms dissipate and it expects volumes to benefit from upward normalization in volatility and further improvements in retail engagement.