** Market maker Virtu Financial's VIRT.O shares fall 2% to $41.37 premarket

** BofA Global Research downgrades VIRT to "neutral" from "buy"; maintains PT of $43, which is still 2% upside to stock's last close

** Brokerage says it has become more concerned that volumes could experience meaningful decline in H2 2025

** Says it is particularly concerned with retail channel where volumes could fade following investor losses YTD

** Still, BofA is bullish on market makers long term, given they possess structural competitive advantages vs banks due to their technology and less burdensome regulatory treatment

** 3 of 9 brokerages rate VIRT stock "buy" or higher, 5 "hold" and 1 "sell"; median PT $43.50 - data compiled by LSEG

** As of last close, stock up 18.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))