Goldman Sachs Group Inc. downgraded shares of Affiliated Managers Group (NYSE:AMG) from a buy rating to a neutral rating in a report issued on Thursday, TheFlyOnTheWall.com reports. They currently have $212.00 target price on the stock.
“We downgrade AMG to Neutral from Buy as strong performance of the shares has led to a premium valuation (now 17X our 2014 estimate, 24% above three-year average P/E) and less upside to our price target. Our thesis that share gains by AMG’s stable of active equity and alternative boutique asset managers would drive sector-leading organic growth has played out, with AMG delivering the second-best organic growth rate YTD (+11%) among our coverage. Performance fees from alternative asset manager affiliates such as Blue Mountain, AQR, ValueAct, First Quadrant and Pantheon have also contributed more to EPS (7% through 3Q – even before 4Q’s seasonal performance fees) than expected (generally 5-10% of full-year EPS). The low level of deal announcements this year has been somewhat disappointing, though we think new investments could still add upside to 2014 guidance and consensus estimates.,” Goldman Sachs Group Inc.’s analyst wrote.
Shares of Affiliated Managers Group (NYSE:AMG) traded down 0.22% during mid-day trading on Thursday, hitting $201.51. The stock had a trading volume of 90,300 shares. Affiliated Managers Group has a 1-year low of $119.84 and a 1-year high of $203.10. The stock’s 50-day moving average is $193.9 and its 200-day moving average is $176.8. The company has a market cap of $10.720 billion and a price-to-earnings ratio of 39.58.
Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Tuesday, November 5th. The company reported $2.19 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.15 by $0.04. The company had revenue of $551.60 million for the quarter, compared to the consensus estimate of $556.95 million. During the same quarter last year, the company posted $1.91 earnings per share. Affiliated Managers Group’s revenue was up 18.0% compared to the same quarter last year. On average, analysts predict that Affiliated Managers Group will post $9.65 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on AMG. Analysts at Jefferies Group reiterated a buy rating on shares of Affiliated Managers Group in a research note to investors on Sunday, November 10th. They now have a $214.00 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Affiliated Managers Group from $202.00 to $214.00 in a research note to investors on Wednesday, November 6th. They now have an outperform rating on the stock. Finally, analysts at Credit Suisse raised their price target on shares of Affiliated Managers Group from $210.00 to $215.00 in a research note to investors on Wednesday, November 6th. They now have an outperform rating on the stock. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Affiliated Managers Group has a consensus rating of Buy and an average price target of $190.00.
Affiliated Managers Group, Inc (NYSE:AMG) is a global asset management company with equity investments in a diverse group of boutique investment management firms (Affiliates).
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