** Shares of asset manager AMG fall as much as 10.4%; last down 9.6% at $175.20
** AMG expects Q4 adjusted profit to be between $5.94 and $6.17 per share, compared with Wall Street expectations of $7.26/shr, according to data compiled by LSEG
** Company also expects full-year performance fees to be below its historical average of $150 mln due to underperformance at certain investment strategies
** Meanwhile, AMG's Q3 adjusted profit of $4.82/shr also missed Wall Street expectations of $4.84/shr - LSEG data
** Morningstar remains upbeat on AMG; says there was little in Q3 results that would alter its long-term view of the firm
** Adds that AMG shares are slightly undervalued right now
** As of last close, AMG shares up 28% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.