BofA analyst Craig Siegenthaler raised the firm's price target on Virtu Financial to $62 from $54 and keeps a Buy rating on the shares. While declining to give any granularity in terms of asset class composition, management attributed the strong results to their new capital allocation strategy wherein more cash is reinvested into the business, and elevated cross-asset volatility in the quarter related to the geopolitical uncertainty in Iran, the analyst tells investors in a research note.
