Piper Sandler lowered the firm's price target on Virtus Investment to $170 from $180 and keeps an Overweight rating on the shares. The firm notes Virtus posted a core miss and the net flows picture remained challenging in the quarter with two outsized redemptions. However, April commentary was an improvement from Q1 trends. Following the call, shares were down 6%, which Piper believes was driven by the Q1 net outflows. While flow trends will likely improve from first quarter levels, headwinds still remain, the firm adds.
