J.P. Morgan bullish on Affiliated Managers; upgrades to 'buy'

Affiliated Managers

28/11/2022 11:45

** J.P. Morgan upgrades investment firm Affiliated Managers
Group  AMG.N  to "buy" from "hold", raises PT to $192 from $149
    ** Brokerage says co's business model allows for new avenues
of EPS growth, driven by share buybacks and new investments 
    ** JPM expects increase in inflow for alternative
investments made by co in FY23 despite macroeconomic headwinds
    ** Brokerage bullish on co's strategy of investing in
sectors with "secular" growth, such as communications
infrastructure
    ** Six of seven brokerages rate the stock "buy" or higher
and one "hold"; their median PT is $163.5 -Refinitiv data
    ** Up to Friday close, stock down 4.6% YTD vs. 11.3% decline
in Dow Jones U.S. Financials Index  .DJUSFN 
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))