UPDATE: Bank of America Reiterates Underperform Rating, Raises PT on Federated Investors

In a report published Monday, Bank of America reiterated its Underperform rating on Federated Investors

, and slightly raised its price target from $22.00 to $23.00. Bank of America noted, “We are tweaking estimates and raising our PO a dollar to $23, as we roll forward our valuation, but our view of Federated remains cautious, given its business mix (47% of revenues from money market products, only 31% from equity) and investment performance (