Credit Suisse Upgrades Federated Investors (FII) to Neutral; Expected Money Market Flow Rebound
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Credit Suisse upgraded Federated Investors (NYSE: FII) from Underperform to Neutral with a price target of $27.00 (from $26.00), saying they expect a rebound in money market flows in 2017.
Analyst Craig Siegenthaler commented, "We are upgrading FII to Neutral from Underperform, and raising our TP to $27 from $26. While we see risk in FII's growing business concentration to its $35B Strategic Value Dividend Fund, we are more positive on the money market fund (MMF) business given our forecast for higher rates, and we think FII's large SMA business (#5 in US) is well-positioned for the future shift in vehicle structure composition in the US retail channel. Last Friday, we had the opportunity to meet with Federated's CEO Chris Donahue at their corporate headquarters in Pittsburgh."
Shares of Federated Investors closed at $27.25 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
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