UPDATE: JPMorgan Downgrades Federated Investors (FII) to Neutral
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(update to correct company name/ticker, add analyst comment)
JPMorgan analyst Kenneth Worthington downgraded Federated Investors (NYSE: FII) from Overweight to Neutral with a price target of $36.00 (from $42.00).
The analyst comments "Federated Investors is a midsize asset manager with concentration in money funds. Federated has been very successful accelerating growth in its money market fund business. We see growth likely slowing due to interest rate dynamics and seasonality. More slowly growing money market funds should detract from organic revenue growth and the firm’s valuation."
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