Affiliated Managers price target lowered to $175 from $195 at Barrington

Barrington lowered the firm’s price target on Affiliated Managers to $175 from $195 and keeps an Outperform rating on the shares to reflect lower near-term earnings expectations after the company reported Q2 results and issued Q3 guidance. However, the firm says it views the selloff today “as a potential buying opportunity,” given that the market is nearing the end of “a long bear market for equities as well as the end of the Fed rate hike cycle.”