UPDATE: Jefferies Raises PT to $140 on Affiliated Managers Group on Q3 Outlook

Jefferies reiterated its Buy rating on Affiliated Managers Group

and raised its price target from $128 to $140. Jefferies said, "Last week we had a chance to spend time with mgt to get caught up on recent trends. AMG is poised to record a 10th consecutive qtr of positive flows and remains entrenched as the industry leader in organic growth. While deal flow will likely slow in the near term following an active first half of the year, the long-term opportunity set for continued capital deployment remains attractive." Affiliated Managers Group closed at $123.00 on Friday.