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Fly News Breaks for July 30, 2019
Jul 30, 2019 | 07:23 EDT
BofA/Merrill analyst Michael Carrier downgraded Affiliated Managers to Underperform from Buy and lowered his price target to $85 from $97, saying that while its Q2 earnings topped consensus, the quarter was "mixed" with "elevated" outflows. The analyst believes Q3 EBITDA will decrease on "seasonally lower" rates while outflows will remain elevated due to "performance issues" around quant strategies. Carrier adds that at current valuations, the backdrop is more challenging to find accretive deals.