Federated Hermes Inc. (FHI) PT Raised to $41 at Evercore ISI

Evercore ISI analyst John Dunn raised the price target on Federated Hermes Inc. (NYSE: FHI) to $41.00 (from $38.00) while maintaining a Outperform rating.

The analyst comments "FHI posted better-than-forecasted, much improved L-T outflows of -$0.4bn (-1% rate). Recall, expectations were for -$2bn and last quarter’s tally was -$5bn (-10.5%). The main delta versus flow expectations was progress in the equity segment (particularly the strategic-value dividend strategy where performance has improved recently), as a swing to positive for fixed income was already in numbers. Interestingly, 3Q24’s L-T flows were the best result since last 3Q. If equity funds can continue to heal and fixed income can build from here, it would enable FHI to flip a four-quarter negative streak."

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