UPDATE: Citigroup Raises PT to $135 on Affiliated Managers Group on Organic Growth

Citigroup reiterated its Buy rating on Affiliated Managers Group AMG and increased its price target from $132 to $135 following a constructive earnings call. Citigroup noted, "Reinforcing several powerful themes: 1) strong flow momentum paced by broadening distribution + product mix + new investments; 2) superior organic growth relative to industry/peers; and, 3) constructive deal backdrop. No question, AMG's YTD outperformance may cause some investors to think about registering gains, yet business momentum remains strong and we see north of $9 p.s. earnings power in 2013 (step functioning to $10-$11 in 2014) and further deal optionality reinforcing differentiated platform + strong earnings leverage, which should warrant > average peer multiple." Affiliated Managers Group closed at $111.59 on Tuesday.