UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on Affiliated Managers Group
In a report published Wednesday, Bank of America reiterated its Neutral rating on Affiliated Managers Group (NYSE: AMG), and raised its price target from $140.00 to $151.00.
Bank of America noted, “We expect AMG to perform in line with other asset managers as its shares already trade at a premium vs. peers, reflecting its higher growth rate. AMG invests in boutique managers, or takes minority stakes in hedge funds. We think its acquisitions are an effective use of the free cash flow generated by asset managers, and gives it the potential to grow faster than peers over time. Market volatility can dampen its acquisition rate by making valuation uncertain, adding timing risk.”
Affiliated Managers Group closed on Tuesday at $146.50.
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