Virtu Financial price target raised to $31 from $25 at Piper Sandler

Piper Sandler analyst Patrick Moley raised the firm’s price target on Virtu Financial to $31 from $25 and keeps an Overweight rating on the shares post the Q2 report. The company reported unexpected outperformance against a backdrop of seasonally softer proxies, the analyst tells investors in a research note. The firm says that despite almost all relevant industry volume and volatility proxies showing a sequential softening in the market making environment, Virtu reported a sequential increase in revenues from Q1 to Q2. It increased estimates following the “encouraging” quarter.