Affiliated Managers Group (AMG) PT Raised to $190 at Deutsche Bank

Deutsche Bank analyst Brian Bedell raised the price target on Affiliated Managers Group (NYSE: AMG) to $190.00 (from $182.00) while maintaining a Buy rating.

The analyst comments "We value the traditional asset manager stocks by assigning a P/E on our 2025 EPS estimates a year from now, based on a premium or discount to the stock's historical relative P/E vs. the S&P 500. Our PT is driven by our expectation for AMG to trade at an overall 60% P/E discount to the S&P 500, slightly above one standard deviation below its 12-month average. Downside risks are: 1) substantial market downturns, 2) an inability to improve organic growth, 3) accelerating market shift from active products toward passive products, 4) any prolonged poor relative investment performance at more than one major affiliate, 5) loss of key personnel at more than one affiliate, and 6) lack of deployment of excess capital to share repurchase or new investments."

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