TD downgrades Affiliated Managers with shares in ‘penalty box’

TD Cowen downgraded Affiliated Managers (AMG) to Hold from Buy with a price target of $177, down from $226. The firm likes the company’s evolution toward alternatives, but its “incremental reticence” centers on deeper than modeled active equities attrition and lower flow trajectory for 2025. The company’s “disappointing” guidance put Affiliated Managers “back in penalty box” and came despite its peers guiding to accelerating monetization cycle, the analyst tells investors in a research note.