Rochester, NY 8/27/2009 9:06:00 PM
Affiliated Managers Group, Inc. AMG ,Affiliated Managers joined jump on upgrade flows
Affiliated Managers Group, Inc.
Affiliated Managers Group Inc. Shares rose on Wednesday right after a Credit Suisse analyst upgraded the stock, citing prospects for improving money flows and acquisitions that should improve the asset manager's bottom line.
In addition to boosting his rating to "Outperform" from "Neutral," Craig Siegenthaler raised his earnings estimates for Affiliated Managers, and increased his price target for the stock to $69 from $64.Shares of Prides Crossing, Mass.-based Affiliated Managers rose $3.06, or about 4.9 percent, to $65.73 in morning trading. Flows of money from institutional clients such as pension plans; endowments and foundations have lagged those from retail investors since the market rally that started in March. Institutional clients account for the bulk of Affiliated Managers' revenue.
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