Brokerages upbeat on Affiliated Managers Group after Q3 profit beat
08/11/2022 11:49
** At least four brokerages raise PT on investment firm
Affiliated Managers Group AMG.N after quarterly profit beat
and better-than-expected Q4 forecast
** 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, which closed ~11.4% higher on Monday at $138
after Q3 results, are down ~16.1% YTD
(Reporting by Manya Saini in Bengaluru)
((Manya.Saini@thomsonreuters.com;))