UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on Affiliated Managers Group

In a report published Wednesday, the Goldman Sachs Group reiterated its Neutral rating on Affiliated Managers Group AMG, but slightly lowered its price target from $120.00 to $119.00. Goldman Sachs noted, “AMG is a stand out amid industry-wide outflows with strength from the new affiliates, alternatives and EM equities, unlike most peers where AuM mix is moving toward lower fee fixed income/passive products. While succession planning deal activity is slow due to the market environment, the pipeline for alternative and divestiture deals remains strong. The firm's incremental stake in Blue Mountain is accretive, and the company indicated the outlook for performance fees is unchanged despite market volatility, as performance is holding up well. That said, we stay Neutral as we think valuation already reflects AMG's industry leading flows.” Affiliated Managers Group closed on Tuesday at $111.59.