Citi Likes Affiliated Managers Group (AMG)

Citi Investment Research likes Affiliated Managers Group, Inc. AMG, as it sees positives for the company. It raised the target on AMG to $106, and rates shares at a Buy. In the research note, Citi writes, "Raise Estimates + Target $2 to $106; Remains top small cap pick and within TPL! Cognizant of the recent relative strength, retail equities flows turned + in September, AMG is in institutional sweet spot reflecting global/alternatives AUM skew; we expect management to walk up estimates – we remain well above consensus; and accelerating flows should bolster the multiple." Shares of AMG gained $1.92 to close at $86.26, a gain of 2.3%.