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Morgan Stanley initiates coverage of Virtu Financial

Morgan Stanley analyst Michael Cyprys is now covering Virtu Financial Inc.'s stock. He gave it an "equal-weight" rating and set the price target at $22.

The analyst introduced Virtu Financial's stock EPS estimates at $1.84 for 2018, $1.73 for 2019 and $1.86 for 2020.

The analyst wrote that Virtu Financial's key drivers for potential future growth are a return to normalized volatility levels, expansion across geographies and asset classes, and continued integration of Virtu KCG Holdings LLC, a company which Virtu Financial acquired last year, that was previously known as KCG Holdings Inc.

"We remain on the sidelines, however, due to subdued volatility and weaker volumes that will pressure revenues and earnings in the current market environment," added Cyprys.