Virtus Investment price target lowered to $162 from $173 at Morgan Stanley

Morgan Stanley analyst Michael Cyprys lowered the firm’s price target on Virtus Investment to $162 from $173 and keeps an Underweight rating on the shares. In its earnings preview for the asset managers, the firm notes it has lowered its FY23 and FY24 EPS estimates by 3% and 6%, respectively, on lower AUM levels and soft flows. The firm’s forecasts are now about 1% and 6%, respectively, below consensus on FY23 and FY24 EPS and adds its sees continued near-term pressure for the traditional managers given uncertain and volatile markets.