TD upgrades Affiliated Managers to Buy on ‘attractive tipping point’

TD Cowen upgraded Affiliated Managers (AMG) to Buy from Hold with a price target of $255, up from $214. The company is nearing an “attractive tipping point” that will bring faster growth and higher margins, the analyst tells investors in a research note. The firm sees this driving EBITDA growth and moderate multiple expansion of the shares. Affiliated should see more consistent positive organic growth through 2026, aided by private markets and liquid alternatives, the analyst tells investors in a research note.