Affiliated Managers Group, Inc. (NYSE:AMG) shares rose nearly 16% since the company’s reported Q3 results on Monday. Q3 economic earnings of $4.21 per share came in better than the Street estimate of $3.92. Total revenues were $578.6 million, beating the Street estimate of $553.3 million.
Analysts at Deutsche Bank raised their price target on the company’s shares to $161 from $135. With very good Q3 results and a much better-than-expected Q4 outlook that should enable EPS growth of at least 5-10% this year, the analysts see the company as potentially the only traditional asset manager they cover to deliver positive EPS growth this year.
The analysts continue to remain constructive on the company and expect the shares to be supported by earnings remaining more resilient than peers in a tough market backdrop and reiterate their Buy rating.