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Sandler resumes coverage of Virtus Investment at 'buy'

Sandler O'Neill & Partners LP analyst Sumeet Mody resumed coverage of Virtus Investment Partners Inc.'s stock at "buy" and set a price target of $94.

The analyst established Virtus Investment's EPS estimates at $12.44 for 2018, $12.59 for 2019 and $13.88 for 2020.

Mody wrote that Virtus Investment's year-to-date annualized organic growth remains strong, in spite of the peer group seeing outflows on average for the year. "We are positive on the long-term prospects for growth at [Virtus Investment] given their strong long-term investment performance track record, product mix and multi-boutique model from which it operates," the analyst added.