Jefferies Raises Price Target on Affiliated Managers (AMG)

Jefferies & Company is out with a research report this morning, where it reiterates its Buy rating on shares of Affiliated Managers Group

; it also increased its price target on the stock to $96.00, from $90.00. The Jefferies analysts noted that fund flow trends continue to improve at AMG as institutional demand for global equity and alternative strategies increases. They added that, against a backdrop of an improving equities market and currently trading under 12x 2011 economic EPS, AMG is one of the more attractive stocks in their universe. As for valuation, the analysts remarked, “AMG is currently trading at 14.1x our 2010 cash estimate, a discount to peers. Our $96 price target is based on a 13.5x multiple of our 2011 EPS estimate.”