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Affiliated Managers continues post-earnings advance

  • It's day three of gains for Affiliated Managers Group (AMG +2.4%) following Monday's earnings beat, initiation of a dividend, and buyback announcement.
  • Reiterating his Outperform rating (though lowering the PT to $195 from $200), Credit Suisse's Craig Siegenthaler says low expectations are one reason behind the positive reaction, and the guide for $200M in buybacks over the next five months should allow management to defend the stock when it dips below intrinsic value.
  • New revenue and fee per average AUM disclosure is also giving investors comfort that downward fee trends aren't as bad as feared.

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Affiliated Managers Group, Inc.