Affiliated Managers Group

AMG · NYSE

$388.75+$3.65 (+0.95%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $385.10

AMG analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $459.51 (+18.2% upside)

Low: $404.00
Now: $388.75
High: $537.60

Upgrades and downgrades

The latest rating actions, newest first

AMG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Oct 12, 2026	Maintains	Buy	$512.00 → $523.00	53%
TD Cowen	Sep 29, 2026	Maintains	Buy	$512.00	53%
TD Cowen	May 13, 2026	Maintains	Buy	$454.00	53%
TD Cowen	May 4, 2026	Maintains	Buy	$463.00 → $454.00	53%
Barrington Research	Apr 27, 2026	Maintains	Outperform	$365.00	63%
TD Cowen	Jan 14, 2026	Maintains	Buy	$485.00 → $495.00	53%
Goldman Sachs	Jan 6, 2026	Maintains	Buy	$300.00 → $341.00	61%
TD Cowen	Dec 15, 2025	Maintains	Buy	$395.00 → $485.00	53%
Barrington Research	Nov 4, 2025	Maintains	Outperform	$285.00 → $295.00	63%

The case for and against

Updated Oct 15, 2026

Bull case

Affiliated Managers Group is viewed favorably because its affiliate model concentrates on higher-growth Alternatives, with private markets and liquid alts driving a rising share of adjusted EBITDA and helping offset weaker traditional equity exposure. The business also appears defensively positioned, since no single affiliate dominates flows, AQR’s tax-aware strategies seem only one of many growth drivers, and the broader network managed $942.4 billion at the end of June 2026. Strong organic growth, disciplined capital deployment, and resilient fee and margin expansion support earnings power that management said could exceed 30%+ year over year in '26.

Bear case

Affiliated Managers Group is facing a negative outlook because a meaningful part of its tax-aware exposure, centered on AQR’s Flex series, is vulnerable to regulatory scrutiny around regular-way loss harvesting, while the Treasury notice still highlights concern over abusive transaction structures. The business also remains exposed to a broad set of structural risks, including passive and alternatives encroachment, pricing pressure, weaker active equities retention, and softer alternatives flows, all of which could erode fee revenue and performance fees. Despite its $942.4 billion in managed assets at the end of June 2026, the affiliate model depends on independent boutiques and concentrated strategy mix, leaving AMG vulnerable to capital-markets downturns and adverse regulatory or mix shifts.

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