Barrington raised the firm’s price target on Affiliated Managers (AMG) to $215 from $200 and keeps an Outperform rating on the shares following the Q4 beat. Affiliated has accelerated its evolution towards private markets and liquid alternatives, which is expected to enhance the company’s long-term organic revenue and earnings growth profile, the analyst tells investors in a research note. The firm says that even after taking into account its lower near-term earnings estimates, Affiliated is still trading at a discount to peers.
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