UPDATE: Keefe Bruyette & Woods Raises PT to $130 on Affiliated Managers Group

Keefe Bruyette & Woods reiterated its Outperform rating on Affiliated Managers Group

and raised its price target from $121 to $130 following performance for the second quarter. Keefe Bruyette & Woods noted, "AMG reported 2Q12 earnings, and despite the noise in the quarter, we thought it was a strong and better-than-forecast quarter with better-than-expected net inflows. Management raised 2012 guidance and introduced 2013 EPS guidance as AMG increased its investment in BlueMountain. … In our view, AMG's ability to generate organic growth should be supportive of a higher valuation, and between AMG's strong flows, existing business, and prospects for additional accretive deals, we maintain our Outperform rating." Affiliated Managers Group closed at $111.59 on Tuesday.