Affiliated Managers Group Inc.: A Top Undervalued Asset Management Stock with Strong Momentum in Alternatives Business and Increased Share Repurchases.

Affiliated Managers Group Inc. (AMG) is a top undervalued asset management stock to buy, according to Jefferies. The firm raised its price target to $282 and revised earnings estimates upward, citing strong momentum in AMG's alternative investment business and increased share repurchases. AMG managed $804 billion in assets and expects adjusted EBITDA between $325 million and $370 million for Q4. The company is focusing on expanding its footprint in alternative investments and sees room for long-term value and earnings growth.