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 (NYSE: FII), 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 (half equity and bond funds have 4 or 5 stars, largest equity and largest bond fund underperformed last year). We maintain our Underperform rating given that the shares seem fairly valued, and FII remains vulnerable to potential money market reforms.”
Federated Investors closed on Friday at $23.10.
Latest Ratings for FII
|Nov 2016||Credit Suisse||Upgrades||Underperform||Neutral|
|Oct 2016||Keefe Bruyette & Woods||Maintains||Market Perform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.