Federated Hermes initiated with a Neutral at UBS

UBS analyst Adam Beatty initiated coverage of Federated Hermes with a Neutral rating and $35 price target. The analyst says money market fee waivers driven by the zero interest rate policy have been the main driver of volatility in Federated’s results. Assuming positive interest rates, the firm expects “slow and steady” growth for Federated across various market backdrops.