Since initiating coverage of Affiliated Managers Group (NYSE:AMG) in late May, the stock has performed extremely well and the fundamental developments at the company have performed even better. When I initiated coverage, I was confident that AMG was undervalued on a 3-12 month basis and that it could very easily show ~22% returns by the end of 2014. I remain confident that the shares can hit my original year-end price target of $224/share, ~13.8% higher from the most recent close, and will show that if the shares had been performing at only historically average levels, that the stock should currently be valued ~34% higher. To be clear, using several metrics that have always had a high tracking correlation...
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