UPDATE: Goldman Sachs Initiates On Virtus On Modest Upside To Target

In a report published Friday, Goldman Sachs analyst Marc Irizarry initiated a Neutral rating on Virtus Investment Partners VRTS and set a price target of $215.00. In the report, Goldman Sachs says "We initiate coverage on Virtus Investment Partners (VRTS) with a Neutral rating and 12-month price target of $215 (5% upside). VRTS is a $55 bn multi-boutique manager, offering distribution of affiliate and sub-advised strategies via Virtus-branded product. The firm's model is unique and scalable with top-tier organic growth and estimated EPS growth of 25% through 2015. Over the long term, the Cliffwater partnership offers access to open-ended growth of retail liquid alternatives and a model for capital re-deployment. However, current valuation offers only modest upside to our target and we await a pullback. GSe EPS are $8.70/$10.85 in 2013/14." Virtus Investment Partners closed on Thursday at $204.00.