UPDATE: Citi Upgrades Federated Investors; Raises PT

According to a research report published this morning, Citi has upgraded Federal Investors

from Sell to Neutral, and has increased PT from $18 to $22. In the report, Citi commented, "Three factors pace our change of thinking: 1) while we remain concerned around money market reform, such reform continues to get pushed out and likely to water down ultimate impact we suspect; 2) LT business is surprising to upside, with solid lead indicators into 2Q; and, 3) we see equal upside/down in risk assessment." Federated Investors closed Friday at $21.67.