Citi Reiterates Buy and PT of $122 on Affiliated Managers Group

Citi reiterated its Buy rating on Affiliated Managers Group AMG. At the same time, Citi left its price target on the company's stock unchanged at $122, following a meeting with the company's management. In a research report published today, Citi states, "In our view, the meetings were bullish around 1) strategic positioning; 2) real time flows; 3) deal pipeline and positioning; 4) performance fee leverage; and, 5) generally speaking, relatively stable EPS outlook despite recent market pull-back." On Tuesday, Affiliated Managers closed the day at $94.63.