Affiliated Managers Group (NYSE:AMG) shares fell more than 3% on Monday after the company reported its Q4 results, with revenue of $539.6 million coming in worse than the Street estimate of $605.95 million. EPS was $7.28, compared to the Street estimate of $7.09.

Management conservatively expects performance fees to be lower in 2023 (to $125-$175 million vs. $227 million in 2022), which combined with any major equity market downturn in coming months could prohibit positive EPS growth in 2023.

Analysts at Deutsche Bank raised their price target on the company to $92 from $187, noting that with the stock being pressured on the lower performance fee outlook, they would use this as a buying opportunity.