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Credit Suisse upgrades Virtus Investment Partners over attractive valuation, better net flows

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Credit Suisse upgrades Virtus Investment Partners over attractive valuation, better net flows

Credit Suisse analyst Ari Ghosh has upgraded to "outperform"from "neutral," saying the company's stock is attractively valued at currentlevels.

The analyst said he expects a significant improvement in totalnet flows over the next few quarters. He noted that under the management of DorseyWright, outflows were reduced to about $300 million per quarter in 2016 comparedwith $1.7 billion in outflows per quarter in 2015. The analyst further expects highshare buyback activity over the next 18 months, saying share count is anticipatedto decline by 20% from the first quarter.

Ghosh also mentioned that the overall fund performance continuesto be solid.

The analyst raised his price target to $91.00 from $90.00. HisEPS estimates are $5.26 for 2016, $5.62 for 2017 and $6.72 for 2018.