Morgan Stanley analyst Michael Cyprys upgraded Virtu Financial to Equal Weight from Underweight with a price target of $21, up from $18. The firm has skewed its preference to "more defensive exchanges and transactional-skewed beneficiaries," citing the uncertain macro outlook and recent market events. The analyst says the Underweight thesis has played out for Virtu with consensus earnings estimates re-based lower and downside risks now more priced in. The company is a potential beneficiary in an "uncertain and volatile backdrop" that can support revenues and upward estimate revisions, the analyst tells investors in a research note.
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Published first on TheFly
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