UPDATE: Barrington Research Reiterates Outperform Rating, Raises PT on Affiliated Managers Group
In a report published Wednesday, Barrington Research reiterated its Outperform rating on Affiliated Managers Group (NYSE: AMG), and raised its price target from $135.00 to $145.00.
Barrington Research noted, “With a broadly diversified asset mix by both asset class (65% equity, 33% alternative, 2% fixed income/other) and geography (Equity: 26% domestic, 29% global developed markets, 10% emerging), we estimate that the growth in the markets (beta) as it pertains to AMG's mix was +2.5% from the point at which it gave its most recent full‐year guidance (October 31), slightly above management's assumption of 2% growth in the markets per quarter (suggesting our Q4 estimate needs to be raised slightly). More significantly, though, when management gave its initial guidance for 2013, its assumptions included performance through October 31 but nothing additional in 2012. While we're still a couple weeks before earnings and guidance are updated, if the markets were to hold steady from here, we estimate management would have to raise its full‐year 2013 guidance by $0.20 per share.”
Affiliated Managers Group closed on Tuesday at $136.40.
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