Citi upgraded Virtu Financial to Buy from Neutral with an unchanged price target of $20. The analyst believes the selloff on the SEC filing suit against Virtu is overdone. While the SEC case will remain an overhang for some time, any settlement or fine should be “financially manageable,” the analyst tells investors in a research note. Based on discussions with the company, there has been no client reaction from the SEC case, says the firm. It believes the business will not be impacted by the headlines. As such, Citi sees the current weakness as an attractive entry point into Virtu Financial shares.
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