Affiliated Managers Group gains as brokerages hike PT on upbeat Q3

Affiliated Managers

08/11/2022 18:36

(Updates)
    ** Shares of investment firm Affiliated Managers Group
 AMG.N  rise 4.1% to $143.66 - hitting highest levels since
April  
        ** At least five brokerages raise PT on AMG after
Monday's 
    Q3 profit beat and better-than-expected forecast
     that helped shares close ~11.4% higher 
  
    ** KBW raises PT to $160 from $148, implying ~15.9% upside
to stock's last close; maintains "outperform" rating
    ** Brokerage says AMG's value-add offering is starting to
resonate with more firms in a tougher fundraising macro backdrop
    ** Credit Suisse ("outperform") says it expects robust
performance fees in Q4 and is positive on management raising
FY22 share repurchases; hikes PT to $163.50 from $140
    ** Jefferies ("hold") notes that despite the uncertain macro
backdrop and elevated volatility, management remains positive on
the forward pipeline for new investments
    ** Four of six brokerages rate the stock "buy" or higher,
with two at "hold"; their median PT is $157.50 - Refinitiv data
    ** Shares in AMG down ~12.7% YTD, including session gain 
 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))