Virtus Investment initiated with an Outperform at TD Cowen

TD Cowen initiated coverage of Virtus Investment with an Outperform rating and $289 price target but a “Special Situation” designation. The firm is encouraged by the company’s steady execution, multi-vectored platform diversification, and scaling in the institutional platform globally, the analyst tells investors in a research note. The firm adds that its differentiated sum-of-parts valuation work points to solid risk/reward for Virtus, but one that is “not fully compelling enough” to step in at present levels.